Britten-Norman has secured new investment following the successful sale of the business and assets via the administrative group Interpath Advisory.
The investment comes from a group of investors led by 4D Capital Partners, a private equity firm that focuses on business transformation and operational improvement. Funds are being made available to Britten-Norman as working capital and to drive the business’s long-term growth.
The joint administrators were appointed on 21 March 2024, and the sale was completed on 22 March.
The transaction also secures and enables the transfer of 117 jobs across Britten-Norman’s head office and manufacturing site on the Isle of Wight, hangars in Lee-on-Solent, its design and engineering site in Southampton, and sales office in London.
In its issued statement, Interpath Advisory also clarified that Britten-Norman Aerospace Limited is not in any insolvency process.
Chris Pole, Managing Director at Interpath Advisory and joint administrator, said: “Britten-Norman is an important part of the UK aerospace industry that has a long track record of supplying world-renowned aircraft. We’re proud to have secured a future for the business and enable the management team to build on that heritage with fresh investment.”
Alex Silk, founder of 4D, said that the firm saw “latent value” in Britten-Norman, which had been “underperforming since the pandemic.”
In addition to bringing its working capital, the 4D team will work with management to help the company ramp up production to meet demand for the Islander aircraft.
LARA reached out to Britten-Norman for comment, who thanked Chris Pole and Will Wright from Interpath Advisory for their support in securing investment.
The manufacturer’s Chief Executive, William Hynett OBE, commented: “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,” he added.
Specialising in twin-engine piston and turboprop STOL aircraft, Britten-Norman relocated back to Bembridge on the Isle of Wight in September 2023 and, later this year, will be celebrating 70 years since it was first established at Bembridge Airport.
In 2023, it declared several LOIs from airlines and is currently working in partnership with Cranfield Aerospace Solutions on ‘Project Fresson’ – a project to develop an electric propulsion system for the BN-2 Islander.
Image credit: Britten-Norman
