Tue, 21 May 2019 | ADMINISTRATION
A specialist ultralight trikes aviation manufacturing company has collapsed into administration after facing severe cash flow difficulties.
P&M Aviation Limited, headquartered in Marlborough, was forced to call in professional accountancy firm Milsted Langdon LLP to handle the administration process, with partner Tim Close appointed as the administrator of the company.
The aviation firm was forced to cease its trading operations, and placed the blame on Brexit for negatively impacting the consumption of luxury goods and services as well as its streams of revenue.
Despite these issues, the company has received numerous awards and world records over the years for design and construction, since its establishment over 25 years ago. It exported to more than 34 countries, and claims to be the “leading edge of technology, all of which offers the ultimate flying experience.”
P&M Aviation is now looking to sell its assets or the business as a whole as part of the administration.
Close, a chartered accountant and licensed insolvency practitioner at Milsted Langdon, said: “Unfortunately, due to a number of issues including cash flow difficulties and the effect of Brexit on consumer non-essential and luxury purchases, P&M Aviation Limited ceased trading on 7 May 2019.
“I was appointed as administrator on the same day. Due to the severity of the cash flow issues it was not possible to continue trading the business. However, I am now seeking a purchaser for the business and/or assets and have received numerous enquiries to date.
“Full details about the administration and the proposed sale will be provided in the administrator’s proposals in due course.”
Potential buyers are invited to express their interests immediately.
Click here to view the P&M Aviation Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
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