Thu, 13 Nov 2014 | ADMINISTRATION
Sycamore Aviation has been rescued out of administration having been purchased by Glyn Wall Ltd.
Glyn Wall Ltd, which announced the deal to save the business last night (12 November 2014), plans to reinstate jobs at the troubled aircraft dismantling business, now back in operation.
The Durham Tees Valley-based aircraft recycling firm entered administration in October, with a sale indicated by the administrators at Baker Tilly - Steven Philip Ross and Ian William Kings. Six job losses were reported.
Sycamore works out of a hangar in Durham Tees Valley Airport that stored Lancaster bombers during the Second World War and was set up by former captain Kevin O’Hare who flew for Thomas Cook and Jet2.
Glyn Wall said in a statement: “This acquisition brings to an end the previous uncertainty regarding the future of Sycamore, which had suffered impaired financial performance due to a lack of aircraft teardown orders through 2014.”
The business is up and running, the buyers confirmed, and with a “strong and sustainable plan for the future”. It is likely that the original staff will join the new team.
Jobs had been culled and the business vacated its hangar after a lull in orders impacted by airlines cutting back on scrappages, it had been reported in September.
The airport itself has been through tough times with passenger numbers dwindling and with scheduled and charter flights going the same way.
A spokesman for the airport heralded the rescue, saying that drawing in aviation-related operations is part of their overall plan for the site’s future development.
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Related information:
Sycamore Aviation in administration
Distressed business listings
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