Fri, 26 Mar 2010 | ADMINISTRATION
Scottish airline Highland Airways has handed over the running of the business to PricewaterhouseCoopers, having entered administration.
Most of the firm's 100 employees will lose their jobs, while operations have been cancelled "with immediate effect", the Civil Aviation Authority said.
The airline's problems were exacerbated by the heavy snow at the beginning of this year, which led to cancelled flights and deepening debts. Potential investors had also pulled out at the last minute.
Bruce Cartwright, joint administrator at PwC, said: "The company had encountered trading difficulties including the loss of certain contracts."
He continued: "As a result they were in discussion with a number of parties over a period of time with a view to developing a new and viable operating model. The directors have now concluded that the options of maintaining operations while introducing a new investor is no longer feasible."
The airline, which also operates in Wales, held a CAA operating licence and an air operating certificate. It ran a fleet of nine aircraft, and its services linked Cardiff and Anglesey, Stornoway and Benbecula in the Outer Hebrides, and Oban and the Inner Hebrides.
This is a unique opportunity to acquire valuable intellectual property assets from a well-established wholesaler with many years of experience in the discount food and non-food sector in the Midlands.
This is an opportunity to acquire a long-established specialist bakery business, supplying major UK supermarkets and boasting a fully equipped production facility with a skilled workforce.
Discover the rare chance to acquire a specialist UK supplier of marine engines and generators, noted for their leadership in the used marine engine market and hard-to-find parts.
|
17
|
|
Sep
|
Construction materials firm acquires civil engineering contractor | BUSINESS SALE
Fox Brothers Holdings, a private equity-backed construction ...
|
17
|
|
Sep
|
Assets and IP of non-HFSS bakery brand set to be sold in pre-pack deal | ADMINISTRATION
Urban Legend, a healthier sweet bakery brand, is poised to e...
|
17
|
|
Sep
|
Regional care home operator expands with double acquisition | BUSINESS SALE
Regional care home operator Maven Healthcare has expanded wi...
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.