Britten-Norman saved by new investment
UK sub-regional aircraft manufacturer Britten-Norman has secured an investment that will stabilise the business and secures employment for 117 staff, it has been announced today.
Private Equity firm 4D Capital Partners bought the entire company as soon as it was placed in to administration on Thursday March 21, in an apparent pre-pack deal arranged by Interpath, the joint administrators. (For clarity, Britten-Norman is not part of any insolvency process).
READ: Britten-Norman files notice of intention to appoint administrators
Based on the Isle of Wight, Britten-Norman is a designer and original equipment manufacturer of aircraft, including the Islander, Trislander and Defender 4000, which are typically used in aerial surveys, air ambulance services, surveillance, law enforcement and security.
The business has operated for more than 60 years and has distributed its aircraft to over 100 countries. It also provides aircraft support services including field servicing and pilot training.
Chris Pole, Managing Director at Interpath Advisory and joint administrator of the Companies, said: “Britten-Norman is an important part of the UK aerospace industry that has a long track record of supplying world-renowned aircraft. We’re proud to have secured a future for the business and enable the management team to build on that heritage with fresh investment. Crucially, the deal also enables the transfer of all staff and the ability to secure precious manufacturing and engineering capability in the UK.”
Full statements from the directors of Britten-Norma and 4D Capital Partners will follow on Monday