A DEAL has been struck to salvage a stricken Bournemouth Airport-based aviation firm and save 25 jobs.
Jets (Bournemouth) Ltd landed in trouble after its parent company, Casarian Holdings Ltd, went into administration in November last year.
Now it has been sold to Jets International Holdings Ltd, a new company formed to develop the firm. The deal was done by Casarian’s joint administrators Quantuma LLP, which has an office in Ringwood, and Philip Duffy of Duff & Phelps Ltd.
In a statement Quantuma said Jets (Bournemouth) Ltd had been “suffering from lack of investment and poor cashflow for some time”.
It added: “With the assistance of Quantuma’s corporate finance team, a package was quickly put together which permitted the sale of the company shares by the joint administrators to Jets International Holdings Ltd, a new company formed to invest and develop Jets (Bournemouth) Ltd.
“The sale preserved the status of the company and saved some 25 jobs.”
Quantuma’s Carl Jackson went on: “It is a fantastic outcome for the joint administrators of Casarian Holdings Ltd to be able to provide a rescue package for the subsidiary business, which in doing so secures the employment of all 25 staff members and provides ongoing investment into the business.”
A spokesperson for Jets International Holdings Ltd said: “We are looking forward to developing and increasing the business here in Bournemouth and we have already arranged for new customers’ work to be brought here shortly.”
The deal is a byproduct of the troubles of the Carlauren Group, which is based in Yeovil and owns hotels, care homes and technology firms.
Eight of its companies went into administration last year, including Casarian Holdings Ltd, and an investigation was launched into aspects of the businesses amid claims up to £75m of investors’ funds had gone missing.