Fast Helicopters
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oooops they did it again..........
Hello All,
Firstly any opinions expressed in this post are entirely my own and do not necessarily reflect those of the Administrators, the management or other staff of FAST.
I am Paul Curtis the Operations Manager of FAST Helicopters, and can confirm that the company went into Administration on Tuesday 24th January, Price Waterhouse Cooper have been appointed as Joint Administrators at the request of HSBC.
There are very mixed emotions at FAST at the moment, as anyone familiar with recent history will no doubt appreciate, most of the staff have expressed a certain relief to no longer being associated with the previous owners, however there is also an amount of uncertainty whilst potential new owners are sought.
The Administrators appear very positive and started sending out information packs to interested parties on Friday afternoon, and once a small issue of technicalities with Insurance is ironed out on Monday morning, it will be business as usual at Shoreham.
I would like to thank everyone who has been in the know for the last four days for their discretion and support, particularly the CAA and Haywards Aviation, but most especially the students who have been very patient during the turmoil this week, our aircraft owners and customers who have all been incredibly understanding and supportive. I also hope that we can call upon their and your support in the coming weeks.
I would ask that for the sake of the staff, who are still working hard at Shoreham to maintain the relationships built over a 25 year period, that you think hard and carefully about any posts and wherever possible keep them in a positive vein.
READ : (Any 'BBC' bashing is probably more appropriate on another thread!)
Many thanks to you all, and here's to a bright and prosperous future!
Paul.
Firstly any opinions expressed in this post are entirely my own and do not necessarily reflect those of the Administrators, the management or other staff of FAST.
I am Paul Curtis the Operations Manager of FAST Helicopters, and can confirm that the company went into Administration on Tuesday 24th January, Price Waterhouse Cooper have been appointed as Joint Administrators at the request of HSBC.
There are very mixed emotions at FAST at the moment, as anyone familiar with recent history will no doubt appreciate, most of the staff have expressed a certain relief to no longer being associated with the previous owners, however there is also an amount of uncertainty whilst potential new owners are sought.
The Administrators appear very positive and started sending out information packs to interested parties on Friday afternoon, and once a small issue of technicalities with Insurance is ironed out on Monday morning, it will be business as usual at Shoreham.
I would like to thank everyone who has been in the know for the last four days for their discretion and support, particularly the CAA and Haywards Aviation, but most especially the students who have been very patient during the turmoil this week, our aircraft owners and customers who have all been incredibly understanding and supportive. I also hope that we can call upon their and your support in the coming weeks.
I would ask that for the sake of the staff, who are still working hard at Shoreham to maintain the relationships built over a 25 year period, that you think hard and carefully about any posts and wherever possible keep them in a positive vein.
READ : (Any 'BBC' bashing is probably more appropriate on another thread!)
Many thanks to you all, and here's to a bright and prosperous future!
Paul.
Join Date: Sep 2007
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Thank you for your clear explanation of the circumstances QM. How refreshing 
I sincerely wish you and the gang down there the best of luck and hope that you survive. That would for me, be the best kick in the proverbial 's for those that caused all this.
Good luck to all at Fast.
Best Wishes
I sincerely wish you and the gang down there the best of luck and hope that you survive. That would for me, be the best kick in the proverbial 's for those that caused all this.Good luck to all at Fast.
Best Wishes
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Many thanks to all who have voiced there support over the last week.
Unfortunately a resolution could not be found and FAST has been dissolved as of today.
I can honestly say that I have never worked with a better group of people. The leadership from Ian MacGregor filtered down through the whole company and generated such a professional and loyal team.
Best of luck to everyone,
Paul.
Unfortunately a resolution could not be found and FAST has been dissolved as of today.
I can honestly say that I have never worked with a better group of people. The leadership from Ian MacGregor filtered down through the whole company and generated such a professional and loyal team.
Best of luck to everyone,
Paul.
Join Date: Dec 2006
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Sad News
It is always sad when a Helicopter Company hits difficulty.
The UK helicopter Industry is such a small knit community.
Truly sorry to hear the news, We wish everyone the best of luck in the future.
Sincerely
Rise Helicopters
The UK helicopter Industry is such a small knit community.
Truly sorry to hear the news, We wish everyone the best of luck in the future.
Sincerely
Rise Helicopters
Qualityman
Why have the administrators not allowed more time to find a buyer, surely there is no benefit in winding up the company so quickly (6 working days).
Can anybody please explain...............
Why have the administrators not allowed more time to find a buyer, surely there is no benefit in winding up the company so quickly (6 working days).
Can anybody please explain...............
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Sad News
So sorry to hear that Paul. I genuinely feel for all at FAST. The industry is tough enough to make a living in at the best of times and it doesn't help when you are effectively stuffed by parties outside of your control. Good luck to you all - your team had a good reputation for quality - that is what the industry needs, rather than more bits of paper with ticks in boxes! CH
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@Peasacake
Hi, I personally can't help feeling that the Administrators had no intention of selling the business as a going concern from the beginning. They have jumped through the hoops that they are legally obliged to and have been shocked at the number of interested parties that came forward. I think they were then scuppered by their own requirements for a deal to be tabled by midday Thursday 2nd Feb and completed by Friday 3rd Feb, that's only 2 - 3 days after most of the "Teaser Packs" were received. No Interested party in their right mind would enter into a purchase of ANY company in Administration without more time to review figures and some measure of due diligence. Add to this the fact that FAST is an ex-BBCC company and surely you'd want to go through everything with a fine toothcomb.
Someone will move into the facility at Shoreham, It's a great setup, and whoever it is I wish them all the best of luck. (And if you've got any jobs going please let me know!!!)
Paul.
Hi, I personally can't help feeling that the Administrators had no intention of selling the business as a going concern from the beginning. They have jumped through the hoops that they are legally obliged to and have been shocked at the number of interested parties that came forward. I think they were then scuppered by their own requirements for a deal to be tabled by midday Thursday 2nd Feb and completed by Friday 3rd Feb, that's only 2 - 3 days after most of the "Teaser Packs" were received. No Interested party in their right mind would enter into a purchase of ANY company in Administration without more time to review figures and some measure of due diligence. Add to this the fact that FAST is an ex-BBCC company and surely you'd want to go through everything with a fine toothcomb.
Someone will move into the facility at Shoreham, It's a great setup, and whoever it is I wish them all the best of luck. (And if you've got any jobs going please let me know!!!)
Paul.
Join Date: Sep 2005
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End of an era
To Ian and all the team at Fast (past and present)
Its been over 10 years since I first walked through the door! it has always been a rewarding and enjoyable experience flying with you as a customer.
It has also been a pleasure to be a small part of the team and to have worked alongside you over the last few years.
I have learned a great deal (and not just on the flying side of things)
I wish all of you, all the very best of luck in the future.
And to the customers it has been a pleasure to meet and fly with you and I hope that you find somewhere as friendly and professional to continue with your flying.
Tony
Its been over 10 years since I first walked through the door! it has always been a rewarding and enjoyable experience flying with you as a customer.
It has also been a pleasure to be a small part of the team and to have worked alongside you over the last few years.
I have learned a great deal (and not just on the flying side of things)
I wish all of you, all the very best of luck in the future.
And to the customers it has been a pleasure to meet and fly with you and I hope that you find somewhere as friendly and professional to continue with your flying.
Tony
Paul
Something smells here... The administrator could be in trouble if it hasn't acted in the best interests of the creditors; it has a duty of care to thoroughly explore all options before making a decision. Which administrator was it? Do you know which parties expressed an interest?
PM me if you'd prefer (I know you!)
Something smells here... The administrator could be in trouble if it hasn't acted in the best interests of the creditors; it has a duty of care to thoroughly explore all options before making a decision. Which administrator was it? Do you know which parties expressed an interest?
PM me if you'd prefer (I know you!)
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toptobottom
Something smells here... The administrator could be in trouble if it hasn't acted in the best interests of the creditors;
Something smells here... The administrator could be in trouble if it hasn't acted in the best interests of the creditors;
it has a duty of care to thoroughly explore all options before making a decision.
Which administrator was it?
try looking on Fast's web site or alternatively, the London Gazette. Best Wishes
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@toptobottom
The sad truth is I believe that the administrators probably have acted in the best interest of the creditors. Unravelling the convoluted mess that BBCC left behind would take months before a sale could be agreed, increasing creditors risk, maintaining overheads and increasing the administrators / solicitors fees. Apparently they had been preparing for this case since May 2011. I am convinced that this is why their requirement for a purchaser had such a short timescale. Rumour had it that out after the initial 25 interested parties received their packs, this rapidly dropped to 5 , then to 0 when the timescale became apparent.
The sad truth is I believe that the administrators probably have acted in the best interest of the creditors. Unravelling the convoluted mess that BBCC left behind would take months before a sale could be agreed, increasing creditors risk, maintaining overheads and increasing the administrators / solicitors fees. Apparently they had been preparing for this case since May 2011. I am convinced that this is why their requirement for a purchaser had such a short timescale. Rumour had it that out after the initial 25 interested parties received their packs, this rapidly dropped to 5 , then to 0 when the timescale became apparent.
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QM -
In the High Court of Justice (Chancery Division) Companies Court Nos 694, 695, 696 and 692 of 2012
FAST HELICOPTERS LIMITED (Company Number 02490661)
ARGENTWOOD LIMITED (Company Number 04532097)
LONGMINT LIMITED (Company Number 02779240)
PROUDALE LIMITED (Company Number 01349564)
Guess where all the above are registered? You are of course aware that there is a lot of debt involved here by BBCC and 'everything' will be binned in an effort to recover as much as possible. Given Fasts ownership and their recent history I rather think that that is why there is the apparent sense of urgency to realise cash as soon as possible. Also I note the latest SOC is unusually high - or is it? At £751,849.
The current activity does not prevent someone from purchasing whatever they want, only a fully formed and functioning business. This whole process will eventually spread to all those that have BBCC influence with fat payments to their 'legal team'
along the way. Anyone who believes different is suffering from the 'Ostrich Syndrome'.
Best Wishes
Hi, I personally can't help feeling that the Administrators had no intention of selling the business as a going concern from the beginning
FAST HELICOPTERS LIMITED (Company Number 02490661)
ARGENTWOOD LIMITED (Company Number 04532097)
LONGMINT LIMITED (Company Number 02779240)
PROUDALE LIMITED (Company Number 01349564)
Guess where all the above are registered? You are of course aware that there is a lot of debt involved here by BBCC and 'everything' will be binned in an effort to recover as much as possible. Given Fasts ownership and their recent history I rather think that that is why there is the apparent sense of urgency to realise cash as soon as possible. Also I note the latest SOC is unusually high - or is it? At £751,849.
The current activity does not prevent someone from purchasing whatever they want, only a fully formed and functioning business. This whole process will eventually spread to all those that have BBCC influence with fat payments to their 'legal team'
along the way. Anyone who believes different is suffering from the 'Ostrich Syndrome'.Best Wishes
Fast
AA:
Not sure why you're getting so animated? And as for "...'everything' will be binned in an effort to recover as much as possible. Given Fasts ownership and their [sic] recent history I rather think that that is why there is the apparent sense of urgency to realise cash as soon as possible.", you clearly haven't a clue what you're talking about. Being aware of its obligations and fulfilling them are two entirely different things.
Having bought the assets (and some liabilities) from the administrators of several distressed organisations, I do know what I'm talking about.
Paul - I'll give you a call. I think AA's about to have a heart attack.
Best wishes
TTB
Grrrrr
Having bought the assets (and some liabilities) from the administrators of several distressed organisations, I do know what I'm talking about.
Paul - I'll give you a call. I think AA's about to have a heart attack.
Best wishes
TTB
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TTB -
Clearly.
And nor do you it seems.
No sh1T Sherlock.
In that circumstance, fine - accepted but I rather think you missed the point. This is not about Fast going under due to poor trading or similar but because they are an asset of those who have serious liabilities to discharge.
Far from it old boy..............I couldn't feel better but thanks for the concern and good luck with your scavenging.
Best wishes
Not sure why you're getting so animated?
And as for "...'everything' will be binned in an effort to recover as much as possible. Given Fasts ownership and their [sic] recent history I rather think that that is why there is the apparent sense of urgency to realise cash as soon as possible.", you clearly haven't a clue what you're talking about.
Being aware of its obligations and fulfilling them are two entirely different things.
Having bought the assets (and some liabilities) from the administrators of several distressed organisations, I do know what I'm talking about.
I think AA's about to have a heart attack. 
Far from it old boy..............I couldn't feel better but thanks for the concern and good luck with your scavenging.Best wishes
Anyway, are you going to answer toptobottom's question?