Fri, 07 Apr 2017 | ADMINISTRATION
Joint administrators have been drafted in to E-Go Aeroplanes to help sell the distressed business.
Alastair Massey and Tony Wright, partners at FRP Advisory, were taken on as joint administrators to the aviation engineering business on 28th March 2017. The business is now being marketed for sale as a going concern.
The business enjoyed a fast take off from its beginnings in 2011, after the company raised the cash needed to create a prototype model single-seat aircraft. The maiden flight of the E-Go prototype was a success, and the company was able to raise more funding in 2014.
Despite these successes, the rapid rise of the business and the high production costs for its single seater model placed excessive pressure on its cash flow.
News surfaced of E-Go’s search for a buyer in September 2016, in order to fund its plans to develop three- and five-seater versions of its planes. It was seeking a minimum of £1.5 million, after being handed just £150k out of a £700k fundraising effort. It was mentioned at the time that the board and shareholders were determined to stay well clear of liquidation.
Joint administrator Mr Massey commented: “E-Go Aeroplanes is a leading British engineering innovator with proven technology and manufacturing that meets the highest standards of the global aviation industry.
“All of E-Go Aeroplanes’ technology, moulds and avionics allow for aircraft to be built to the standards acceptable to the American Society for Testing Materials. We are marketing the business and assets for sale and encourage any interested parties to make early contact.”
Contact the administrators of E-Go Aeroplanes
Subscribe to the Business Sale Report here
The company is a vehicle accident repair centre offering general bodywork repair and other related services, including wheel alignment, air conditioning re-gas and windscreen / glass replacement. Repairs are completed to manufacturer standard by trai...
The company is a furniture and equipment hire company catering to the events industry, offering a vast stock portfolio of tables, chairs, table linen, crockery, cutlery, glassware and kitchen equipment.
Established mechanical services contractor offering a variety of HVAC, plumbing and renewables services, including heat pump installation and heat recovery ventilation.
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
25
|
Apr
|
Tile business old to management team by Norcros | MBO/MBI
Johnson Tiles UK, a tile business based in Stoke-on-Trent, h...
25
|
Apr
|
New private equity owner for fleet hire firm | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.