Aero thrown into tailspin by downturn

AIM listed aircraft-parts manufacturer Aero Inventory has been placed in administration, with two out of three employees now facing redundancy.

Jim Tucker, Richard Heis and Allan Graham of KPMG have today been appointed joint administrators of the wholesaler based in both New Barnet, Hertfordshire and Stansted, Essex.

Share trading was suspended on 26 October, with efforts now being directed at how to stabilise the company.

Jim Tucker, KPMG partner and lead administrator said Aero suffered from a general down turn in the airline industry.

“Ultimately, Aero was unable to generate enough cash to service its commitments,” he said.

“The priority now is to stabilise the business…Unfortunately, the group does not have the resources to retain its workforce in full, so 135 of its 200 UK based employees have had to be made redundant.”

Further reading:

Aero Inventory suspends shares over stock accounting