While the economic climate surely played a part in this, to my mind the major part of the blame lies squarely with JAR/EASA (and by default the CAA for acquiescing) for putting so much bureacratic crap in the way of aviation and flying training in the UK that reputable, quality companies such as HGFC are forced out of business. The amount of money that has to be paid to these collections of festering turds that call themselves regulatory authorities just so that companies can continue in business is disgusting, but not as disgusting as the use to which it is put i.e. paying the salaries and pensions of people who should be unemployed as they are merely a parasitic drain on aviation in the UK.