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
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.”
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children