SFT In Administrtation

[MP No 805]

I heard yesterday that SFT are in Administration, what news does anybody have.

[svowles]

I too heard from a reliable source that SFT have gone into receivership, but no news why. Who will be next I wonder?

[RVR800]

Sad to say but the numbers of people embarking on the 36 month JAA approved cash burn route is dropping like a stone-so this process will continue..

[Fogbound]

Have heard that SFT have gone down with half a million pounds of debt hanging over them. The fleet replacement a while ago, for a/c with lower running costs, was maybe a warning of things to come.
I can only offer my condolences for all those who have money tied up in the company and good luck trying to recoup any of it.

[Justin Abeaver]

Sad news. They got hundreds of aspiring CPLs through the CAAFU system, including me.

I still remember with great fondness, my instructor, Heather Pierce, crying, "No! There's no fu..ing ice. It's plus 28 out there, so just fly the thing!"

My thoughts go out to those who have lost their jobs. i've been made redundant 3 times now, and it's no joke.

All the best to you all.

[veritas]

If anyone is in a position to transfer their training to another School like me, try Cabair at Cranfield who have been very helpful today.

[Unwell_Raptor]

Just a thought: anyone paying upfront should consider trying to pay with a credit card (not a debit card) as that may give a degree of protection if things go wrong. Another idea, if you have doubts about the school, is to ask the boss if he will give you a personal guarantee on the cash paid in. If he won't have a think why he won't. Why should you have more faith in the business than the boss?

Caveat emptor, in these horrible times.

[ 07 November 2001: Message edited by: Unwell_Raptor ]

[zoru]

veritas

im sure that cabair were very keen to help you..
however did they also inform you that their M.D and founder, Capt C. Heathcote, recently ofloaded his shareholding in the company......not a particularly good sign?

[Justin Abeaver]

Memories of Trent, Cabair's forerunner at Cranfield, going down with £thousands of students' cash.

BEWARE OF THE SHARKS OUT THERE. Used car dealers have nothing on these guys!

[Red Snake]

According to BBC South this afternoon, a buyer is still being sought to sell the business on as a going concern.

Sorry to all affected by SFT's trouble. I have many fond memories, both as a student and an ex-employee.

[skua]

Put your offers in now. The administrators are Fanshawe Lofts on 023-8023-3522. They are advertising it today, claiming annual sales of £3m, and a "forward order book" of £1.3m.

[Julian]

Saw it on South Today evening edition, one poor student had lost £4,500 when they went under - having just moved from another school who went under again with £4,500 of his money.

[Barcli]

the asking price was around £280k about 8 yrs ago - some very old aztecs so the price was for name and reputation only....

[M.Mouse]

What aircraft did SFT operate?

[Slim20]

Some of my SFT colleagues were making the point on TV the other night that the Government (ie CAA) needs to look at how aviation professionals are trained. It's all very well for them to have approved schools which provide all the training and running costs whilst also paying "homage" to the CAA (SFT's simulator licences alone were £££megabucks) but then have no safety net whatsoever when these private organisations fall foul of events as we have seen. The biggest loss I am aware of by a student is £19000 in this case.... meanwhile it'll keep happening until some sort of escrow or insurance protection is arranged.
On another note - why can't qualified pilots be registered like their counterparts in other professions?? The qualification process alone is worth carrying a degree equivalency. At the moment I can't believe that so much money and effort can be privately invested in a qulification which has no value outside aviation....