Levy Gee seeks buyer for aeroplane maker
Long established light twin-engine aircraft manufacturer Britten-Norman has folded and called in top 30 firm Levy Gee as receivers.
Long established light twin-engine aircraft manufacturer Britten-Norman has folded and called in top 30 firm Levy Gee as receivers.
Bankers for the leading Isle of Wight manufacturer have appointed Levy partners Chris Laughton and Maurice Moses as joint administrative receivers to oversee a sell-off.
Bosses at the Bembridge Airport-based aircraft design, manufacture and overhaul specialists sought new investors for months, but a severe cash flow crisis finally forced closure.
Laughton of Levy Gee said: ‘This is a very regrettable situation for a company with a good order book and requisite approvals from the Civil Aviation Authority and Ministry of Defence.’
Established in the 1950s by two crop spray engineers as a manufacturer of rugged and low cost multi-purpose light aircraft, Britten-Norman built a worldwide reputation with its high wing piston-engined Islander series, and its military Defender and three engine Trislander variants.
The company’s latest development, the Defender 4000 , was launched at the Farnborough International Air Show in 1994 and up to 800 of its aircraft are in service around the world.
Redundancy notices have been issued to 112 workers, while a 21 strong skeleton staff will be retained as the Levy partners looks for a buyer.
Laughton added: ‘Time is of the essence to conclude a deal which we hope may reverse some of the job losses.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article