BusinessBusiness RecoveryFRP administrators sell aviation business in pre-pack

FRP administrators sell aviation business in pre-pack

Jason Baker and Geoff Rowley sell subsidiaries at Worldwide Aviation as part of pre-pack deal

FRP administrators sell aviation business in pre-pack

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.

Related Articles

Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

3m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

7m Emma Smith, Managing Editor
Manor Racing Formula One team company enters administration

Business Recovery Manor Racing Formula One team company enters administration

8m Stephanie Wix, Writer
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

9m Stephanie Wix, Writer
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

10m Stephanie Wix, Writer
Metal Hammer publisher hits the rocks

Accounting Firms Metal Hammer publisher hits the rocks

9m Stephanie Wix, Writer
FRP Advisory appointed as administrators to Lifestyle Living UK

Business Recovery FRP Advisory appointed as administrators to Lifestyle Living UK

9m Stephanie Wix, Writer
FRP Advisory appointed administrators for pink wafer producer Rivington

Accounting Firms FRP Advisory appointed administrators for pink wafer producer Rivington

9m Stephanie Wix, Writer