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
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