Although they have been in this position several times before, the future of Isle of Wight-based aircraft manufacturer and aviation services provider, Britten Norman, hangs in the balance after the company filed a notice to appoint an administrator.
Just a few months ago, Britten-Norman announced a new apprenticeship scheme in partnership with the Isle of Wight College, with apprentices being directly involved in the manufacture of new aircraft.
Despite the notice to appoint an administrator, it’s reported that Britten-Norman’s leadership remains optimistic, and are engaging with key stakeholders to explore all avenues for additional funding.
Protection against unpaid invoices
The notice to appoint an administrator comes in the wake of a financial dispute with the Civil Aviation Authority (CAA) over unpaid invoices totaling £36,577.
As the company’s business development director explains below, the decision to file court documents is intended to protect the position of the business.
Business development director, Lara Harrison, explained,
“In support of the company’s future plans, especially with regard to the repatriation of aircraft manufacturing to the UK as announced last September, the board has appointed advisors to assist in exploring options to secure the necessary additional investment.
“While the board continues to engage in constructive discussions with the company’s key stakeholders, it has taken a decision to file court documents that will protect the position of the business.
“This will allow the board to focus on achieving the correct structure for any proposed new investment. Subject to a satisfactory conclusion of the process, the board is looking forward to following up with a further announcement in the coming week.”
The company produce Britain’s best selling commercial aircraft, BN Islander, which returned to manufacture in the UK in September 2023.
Britten-Norman tell News OnTheWight they are expecting to release further news later this week.
Article edit
9am 26th Feb 2024 – last para from LH added
