The future of UK aircraft manufacturer, Britten-Norman, has been secured thanks to the sale of the business and assets, after its future was hanging in the balance just one month ago.
Joint administrators were appointed on Thursday 21st March 2024 to five companies within the group, being B-N Group Ltd, Britten-Norman Ltd, Britten-Norman Aircraft Ltd, BN Defence Ltd and BN Daedalus Ltd (‘the Companies’).
Britten-Norman Aerospace Limited
Following their appointment, the Joint Administrators of the Companies sold 100% of the share capital of Britten-Norman Aerospace Limited to Shelton Bidco Limited, an investment vehicle established by a group of financial investors led by 4D Capital Partners.
Immediately thereafter, the business and assets of the Companies were then acquired by Britten-Norman Aerospace Limited.
For the avoidance of doubt, Britten-Norman Aerospace Limited is not in any insolvency process.
UK aircraft manufacturer
Based on the Isle of Wight, Britten-Norman is a designer and original equipment manufacturer of aircraft, including the Islander, Trislander and Defender 4000, which are typically used in aerial surveys, air ambulance services, surveillance, law enforcement and security.
The business has operated for more than 60 years and has distributed its aircraft to over 100 countries. It also provides aircraft support services including field servicing and pilot training.
Shelton Bidco Limited has also acquired the share capital of the firm’s US entities BN Aircraft Sales Inc and Britten-Norman Inc.
Transfer of all 117 staff
The transactions secure the sale of the business and assets of the group and the transfer of all 117 staff to Britten-Norman Aerospace Limited across its head office and manufacturing site on the Isle of Wight, hangars in Lee-on-Solent, its design and engineering site in Southampton and sales office in London.
Pole: We’re proud to have secured a future for the business
Chris Pole, Managing Director at Interpath Advisory and joint administrator of the Companies, said,
“Britten-Norman is an important part of the UK aerospace industry that has a long track record of supplying world-renowned aircraft. We’re proud to have secured a future for the business and enable the management team to build on that heritage with fresh investment.
“Crucially, the deal also enables the transfer of all staff and the ability to secure precious manufacturing and engineering capability in the UK.”
News shared by Alastair on behalf of Interpath Advisory. Ed
