Insolvency specialist SFP has confirmed that the assets of wireless microphone manufacturer Audio Engineering Ltd have been sold to Micronwireless Ltd, a company run by Audio Engineering’s former director Yogesh Tankaria (‘Tanky’).
In a statement, SFP said:
“Issues stemmed from Audio Engineering Limited’s inability to implement a new line of digital systems, and have been exacerbated by an increase in worldwide competition and product innovation. As a direct result, turnover has been steadily declining, and recently reached an unsustainable level.
“After it was determined additional funding would not improve the London-based company’s market position, the company ceased trading and the Directors entered into a Creditor’s Voluntary Liquidation and appointed SFP as Liquidators on 15 June.”
Audio Engineering was on the verge of celebrating 50 years of operation, as it was initially established by engineer Neville Druce in September 1965. Druce was responsible for many of the company’s product designs, including the successful Micron 700 Series. He died in 1999 following a long illness.
Tanky and Beryl Druce resigned as members of the Audio Engineering board on 25 June; Tanky became a director of Micronwireless, which is trading at the same address in north London, on the same day.
SFP’s Daniel Plant conducted the sale: “To sell the assets of Audio Engineering is very important, as it determines a positive potential for future trading,” he said.
(A website for micronwireless was under construction at the time of writing)