Specialist Aviation Services bought by GAMA

[Thud_and_Blunder]

GAMA press release as published by helihub 2024/02/01 (https://www.helihub.com/2024/02/01/gama-aviation-acquires-specialist-aviation-services/)

My first civvy-street employer has been sold for around 3m quid to GAMA - I wish everyone involved the very best in making the business work for the Air Ambos and other customers.

[Thud_and_Blunder]

I'm a little surprised that the demise of the only UK onshore heli operator to have had its own PPRuNe Private Forum in the past has attracted so little comment - perhaps there really is nothing left to say, eh?

[OvertHawk]

Specialist nowadays is a mere shadow of the companies that PAS and MAS used to be.

[PEASACAKE]

Not £3 million..............

Helihub states in the link above:

The Group has acquired the trade and assets of Specialist from FRP, the appointed administrator for a consideration of £280,000.

Whilst Specialist has been loss-making historically.

It will be interesting how the new owners can turn the company around and become profitable when non of the former owners could.

[ShyTorque]

I’ve still got the tie in my wardrobe!

[OvertHawk]

Not £3 million..............

Helihub states in the link above:

The Group has acquired the trade and assets of Specialist from FRP, the appointed administrator for a consideration of £280,000.

Whilst Specialist has been loss-making historically.

It will be interesting how the new owners can turn the company around and become profitable when non of the former owners could.

If you read the release in full it states that whilst they only paid the administrators 280k the additional capital that they're having to commit to fund the sale and keep the business going brings the acquisition cost to around 3 mil.

[PEASACAKE]

If you read the release in full it states that whilst they only paid the administrators 280k the additional capital that they're having to commit to fund the sale and keep the business going brings the acquisition cost to around 3 mil.

So you are just reconfirming the Helihub statement, they paid £280,000 to the administrators for the company. The total acquisition costs are anticipated at 3 million, could be less, or more, who knows.

​​​​​​The net asset value, excluding lease obligations, is approximately £0 again as stated in Helihub.

[OvertHawk]

So you are just reconfirming the Helihub statement, they paid £280,000 to the administrators for the company. The total acquisition costs are anticipated at 3 million, could be less, or more, who knows.

​​​​​​The net asset value, excluding lease obligations, is approximately £0 again as stated in Helihub.

I was merely quoting the helihub statement in full rather than cherry-picking part of it - which you did.

[helihub]

It may be useful to add this link here (story published September 2023) - Specialist Aviation Services appoints restructuring specialist (https://www.helihub.com/2023/09/18/specialist-aviation-services-appoints-restructuring-specialist/)

[onehunglow]

I’ve still got the tie in my wardrobe!
I've still got the leather jacket. (awarded if you survived your first 6 months probation with PAS)

[Windmill Wiz]

Not £3 million..............

Helihub states in the link above:

The Group has acquired the trade and assets of Specialist from FRP, the appointed administrator for a consideration of £280,000.

Whilst Specialist has been loss-making historically.

It will be interesting how the new owners can turn the company around and become profitable when non of the former owners could.

I am not sure the statement that the company has been loss-making historically is correct. It does not tie up with the published accounts filed with Companies House, which show that the company generated a profit up to 2019 when the ex-FlyBe management team took over.

[ShyTorque]

I've still got the leather jacket. (awarded if you survived your first 6 months probation with PAS)

Yes, good point, although it was PAS, rather than SAS back then (I’ve still got a PAS tie, too). My jacket was second hand when I got it, though! It’s now used as my summer motorcycle jacket.

[Rigga]

I believe at least one customer has left....any other news of customer movements?

[PANews]

When, in March 2020, they launched themselves as taking over the whole of the Scottish EMS contract Gama stated they were there to disrupt and to take over and they have. As we know they sit as the prime operator for Wales [Formerly Babcock] and spare support for Yorkshire. Aside from such as Lincs and Notts walking away from SAS several HEMS operations have now decided that they want to own their aircraft even though this is initially expensive [but it uses up any potentially embarrassing excess funds in the bank], long term it is cheaper to handle..

All this negative activity reduces the financial viability of the old guard, like SAS. They find themselves having too few lucrative leases and too many aircraft with little chance to dispose of them at a good price. And with the alternative milch cow of the police effectively ring fenced by NPAS there just fewer chances for large fixed base vendors including SAS [+ Babcock] to have a chance to make an impact. The world is changing. We will have see if the Gama business model works best in the long term..

An add on to this, one of the original drivers of PAS, Paul Hannant, died a few days ago. There is an Obituary in The Times.

[Northernstar]

I am not sure the statement that the company has been loss-making historically is correct. It does not tie up with the published accounts filed with Companies House, which show that the company generated a profit up to 2019 when the ex-FlyBe management team took over.


True. Those of us who remember the old PAS and MAS days where the company was profitable, admittedly with comparatively low pay but far fewer management.

Let nobody forget prior to 2020 the company was run by 1 individual and 1 CP/HoT.

Along came a team of roughly 10 from Flybe who drew vast salaries and bonuses. Their performance at Flybe was clear, bailing out months before the final nail in the Exeter coffin. Prior to that leadership stretches at Babcock where the offshore Scandinavian branch was killed off despite being crucial to UK business offshore success with a new client and charge of Spanair up to it's demise highlight an ineptitude and continual escape from reality from management post to management post.

Revolving door really.

[Thud_and_Blunder]

Out of curiosity, could anyone please tell me what customers Babmishcritcock Unsure still have? Yes, I know google is my friend - but someone on PPRuNe might have the answer without having to wade through corporate fluff.

[Ulich McGee]

Out of curiosity, could anyone please tell me what customers Babmishcritcock Unsure still have? Yes, I know google is my friend - but someone on PPRuNe might have the answer without having to wade through corporate fluff.

Off the top of my head....

1. Scottish Air Ambulance (Charity)
2. North West Air Ambulance
3. Great Western Air Ambulance
4. Hampshire & Isle of Wight Air Ambulance
5. East Anglian Air Ambulance
6. Midlands Air AmbulanAmbulanc
7. Police Scotland Air Support Unit

[handysnaks]

Thud, I think they have Police Scotland, the SCAA, NWAA, MAA, EAAA, GWAA and HIOWAA.

[Thud_and_Blunder]

Thanks folks - that's a serious reduction on former times. Appreciate the info and the time taken to post it :ok:

[helimutt]

rumour has it GAMA have asked the present companies that SAS served to cough up fee increases of 40%. Interesting to see how that works out for them. One AA operator has already said that they are unable to afford that sort of increase and will probably close up shop.

[helicrazi]

rumour has it GAMA have asked the present companies that SAS served to cough up fee increases of 40%. Interesting to see how that works out for them. One AA operator has already said that they are unable to afford that sort of increase and will probably close up shop.

There are other service providers, no need to close up shop

[torqueshow]

rumour has it GAMA have asked the present companies that SAS served to cough up fee increases of 40%. Interesting to see how that works out for them. One AA operator has already said that they are unable to afford that sort of increase and will probably close up shop.

Do Gama really want AW169 contracts, which they inherit 3 of with two of those heavily rumoured to want to have independent AOCs, having never operated the type, or is it more lucrative to have the maintenance facility and part 121 in Stav to strengthen future bids in England?

Being a cash rich company, £280,000 with £3m debt could be a cheap solution compared to starting that from scratch.

Time will tell in the long run exactly what this acquisition will amount to.