Isle of Wight-based Britten-Norman has filed a ‘notice of intent to appoint administrators’.

The move will buy the company some time to sort its finances before creditors can push it into administration.

In a statement, the company has said that it will continue to operate normally while a solution is sought.

“In support of the company’s future plans, especially with regard to the repatriation of aircraft manufacturing to the UK as announced last September, the board has appointed advisors to assist in exploring options to secure the necessary additional investment,” read the statement.

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“While the board continues to engage in constructive discussions with the company’s key stakeholders, it has taken a decision to file court documents that will protect the position of the business. This will allow the board to focus on achieving the correct structure for any proposed new investment”.

The aircraft manufacturer faced a winding-up petition last year from the UK’s CAA over an unpaid bill for certification. Britten-Norman at the time described this as an ‘error’ after the issue went to court.

Companies House also shows that Britten-Norman is late filing its annual accounts which were due at the end of December.

The current financial problems are in contrast to announcements made last year, where the firm declared a commitment to returning Islander aircraft production to the UK, boosting employment numbers and suggesting a tie-up with Cranfield University to produce hydrogen powered aircraft.