01 February 2024 , 13:19
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Specialist Aviation Service, a crucial air ambulance provider based at Gloucestershire Airport, has been rescued from administration.
The firm, which supported over 5,000 ambulance flights in 2023, had been suffering operating losses for several years. The company provided helicopters and pilots for air ambulance services across the South of England, including Dorset and Somerset, Kent, Surrey and Sussex, Essex and Herts, East of England and London.
After failing to secure solvent sales, it hired administrators from advisory firm FRP. Its assets were sold to Gama Aviation, an aviation specialist based in Farnborough, Hampshire. All but two of the company's 184 employees will be transferring to Gama Aviation as part of the deal.
Andrew Sheridan, partner at FRP and joint administrator of Specialist Aviation Services, said: "This was a complex transaction, in the heavily regulated aviation sector, and key parties included aircraft financiers, global OEMs (original equipment manufacturers), overseas government contracts and of course the air ambulance charities.
"Without the support of the CAA (Civil Aviation Authority) who mobilised a senior team and worked at speed, this transaction could not have happened and we wish to extend our gratitude to them, as well as to the Company's senior management team."
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"The goal from the outset of our involvement was to ensure that the vital air ambulance operations continued without disruption, which they did. We take great satisfaction in ensuring that lives continued to be saved throughout the process and wish Gama and its newly acquired operations, highly skilled operatives and pilots, every success in the future."
Company insolvencies reached a 30-year high in 2023. The Insolvency Service revealed that 25,158 firms across England and Wales went bust last year up 14% on 2022 and the highest annual number since 1993.
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