25 March 2024
British aircraft maker Britten-Norman has been saved from the brink of administration with new investment to fund working capital and to drive long-term growth.
The funds come from a group of investors led by 4D Capital Partners, a private equity firm that focuses on operational improvement and business transformation. It was secured by the sale of the business and assets of Britten-Norman.
In February of this year Britten-Norman confirmed it intended to appoint an administrator ‘for the protection of the company’.
A Britten-Norman spokesman said at the time, “In support of the company’s future plans, especially with regard to the repatriation of aircraft manufacturing to the UK as announced last September, the board has appointed advisors to assist in exploring options to secure the necessary additional investment.
“While the board continues to engage in constructive discussions with the company’s key stakeholders, it has taken a decision to file court documents that will protect the position of the business.”
Good times again? William Hynett CEO of Britten-Norman (L) and Bob Seely MP for Isle of Wight (R) open new production line in 2023
Britten-Norman Chief Executive, William Hynett OBE, said about the new investment, “The board has been in an extended process to secure the right investment that would allow Britten-Norman to deliver its plans to scale up output to meet demand.
“Britten-Norman is a brand with a rich and entrepreneurial aviation heritage which takes great responsibility in playing a vitally important role in supporting its world-wide customer base.
“These customers are the bedrock of their societies, often providing critical infrastructure or life-critical services such as maritime search and rescue and medical evacuation.
“Following a great deal of interest in the business, we are pleased to have identified a new investor that shares our vision and strategy.
Alex Silk, founder of 4D, said, “From the outset we saw the latent value in Britten-Norman, which has been underperforming since the pandemic.
“In addition to bringing working capital, our team will work closely with management to help the company ramp up production to meet the exciting demand for its sought after Islander aircraft.”
Britten-Norman is the original equipment manufacturer for the Islander commercial light twin aircraft. In 2024 the company will be celebrating 70 years since it was first established at Bembridge Airport on the Isle of Wight, UK.
