I'm not normally one to start rumours running about the financial health of companies, not least because they can become self-fulfilling prophecies, and I have many friends still working in this industry. However, I am aware that a major UK flight training organisation is exhibiting all the usual signs of difficulty, and that many of its trainees will unwittingly be at risk.
When FTOs go bust, they have a nasty habit of taking some of their customers' money with them; sometimes a lot. It has happened time and time again in the past. The obvious way a student can avoid the risk is to avoid paying large sums up front, and make payments via credit card.
However, in the case of this training company, that may prove challenging to arrange, as their standard payment schedule involves a significant element of advanced payments, and I doubt that payment by credit card is practical.
My information comes from several independent sources and is, I believe, quite credible. However, I'm not going to name names, just in case I'm wrong, and yet precipitate what I believe is happening. There are enough clues in this post for the well informed to come to their own conclusions.
My advice, if you are hell bent on starting training with a similar sounding major flight training organisation, is to avoid exposing yourself to this type of risk by refusing to sign up to the standard payment profile. It is difficult, when you have been offered a place on a scheme, to get on your high horse; you may feel that you are showing a lack of commitment. A great tactic would be to use a third party (e.g. your loan guarantor) to act the 'bad guy' and insist on a more reasonable payment profile that limits your risk. (e.g. "I'd be quite happy to sign, but my Dad insists on a more reasonable payment profile...") From what I can gather from the scheme in question you would literally be £tens of thousands at risk at the worst point.
Given that the Company in question is (like everyone else in the industry) feeling the pinch, don't worry about being hard nosed about this; they need you more than you need them. Whatever it says in the glossy brochure, there is no scheme in existence that guarantees you a job at the end, they are all the same; you are just paying for your training and hoping for a chance if and when you graduate. They, on the other hand, are struggling to stay afloat and are desperate for your cash.
You have been warned; do not expose yourself financially. I hope like hell for the sake of the staff and student
s I am not back here in a few weeks saying 'told you so'.
Final thought. If you are already training with a similar sounding organisation, it is still not too late to renegotiate your payment profile. What are they going to do; kick you off the course and lose your revenue? No chance. Again, use the good guy/bad guy tactic to take the heat off you personally.