FRP ADVISORY administrators have managed to sell two subsidiaries as part of a pre-pack deal which has saved more than 50 jobs.
Jason Baker and Geoff Rowley, partners at FRP Advisory, offloaded the two subsidiaries of Worldwide Aviation Holdings, which provides consulting and support services to the aviation to the airline industry.
The duo sold Wycombe Air Centre to Booker Airfield Operations which saved 35 staff. They also arranged the sale of Worldwide Aviation Ltd to D.S. Aviation which saved 20 employees.
Baker (pictured) said: “World Aviation Holdings Limited suffered as a result of an inability to collect on intercompany debts, which in turn adversely affected sub-group businesses.
“This had a dramatic impact on cashflow and left both World Aviation Holdings and Wycombe Air Centre in a position where neither business was able to continue to trade as a going concern.
“To preserve each company’s value through goodwill, we determined the best course of action would be to proactively market the businesses prior to going through a managed administration process. This process allowed us to protect the companies while a buyer was sought, safeguarding jobs and providing creditors with the best possible chance of a return.”
Other contributions to the business’ collapse was the inability of other subsidiaries Cabair International and European Pilot Training to recover their debts, he added.
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Peter Saville, Ryan Grant and Anne O’Keefe of AlixPartners will now become the supervisors of the CVA and monitor the implementation of the proposal