Britten-Norman secured new investment from a private equity firm, a month after the last independent British aircraft manufacturer said it would hire administrators during a period of financial uncertainty.
Advisers from Interpath Advisory helped to obtain the investment through the sale of the business and assets of Britten-Norman, the planemaker said in a statement on Monday. A group of investors led by 4D Capital Partners LLP will provide funds to Britten-Norman to boost working capital and drive long-term growth.
Britten-Norman, founded in 1954, makes the Islander aircraft, a light twin-engine plane used by the military, maritime search organizations and Scottish airline Loganair. The company produces the aircraft in a factory on the Isle of Wight.
The new investment will allow the firm to scale up production to meet demand for its aircraft, Britten-Norman Chief Executive Officer William Hynett said in the statement.
Britten-Norman filed a notice to appoint administrators in February to protect the company, The Telegraph reported at the time.
Budget Australian airline Bonza, owned by 777 Partners, had its fleet repossessed by creditors and cancelled flights on Tuesday, the Australian Financial Review reported.
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