Fast Helicopters

[Sprogget]

If the kids can put down the hitting sticks for one moment...

Co. binned on Friday as everyone knows. PWC running it as a floating admin for now. Fast gone, building sold to Albermarle. Expect debt to be binned & the business restarted minus the fat controller & poison dwarf.

Aside from the redundancies, I think people will take that as a good thing. After Erinaceous & all the rest of it, it may be a reasonable price to pay to be divested of these serial failures,

[Qualityman]

Sprogget,

I hope that things really are moving that quickly. If the building has indeed been sold to Albermarle already, then the new Airfield manager will make great use of the facilities and provide a much needed air of security to the tenants in the offices.
If a new start or existing operator moves in looking to take over the customer base then there are some exceptional and very experienced local staff now available who will be re-invigorated and relieved to be away from the Longmint shackles.

[A.Agincourt]

Sprogget -

If the kids

Expect debt to be binned & the business restarted minus the fat controller & poison dwarf.

Well that is good news. What about 'Bigfoot' in all of this?

Best Wishes

[TheFatController]

Expect debt to be binned & the business restarted minus the fat controller & poison dwarf.

Two things. 1. Huge shame about the dissolution of Fast Helicopters, I've been a customer there since 1998 and I think Ian's done a terrific job under what have become very trying circs over recent times. 2. I am not the fat controller referred to above!

Good luck to all the Fast folks, wherever they may end up.

Cheers
Jimmy

[Whirlygig]

Fast gone, building sold to Albermarle.

Hmmm.... another company which rose from the ashes of Erinaceous.

Cheers

Whirls

[A.Agincourt]

Whirlygig

Quote:
Fast gone, building sold to Albermarle.
Hmmm.... another company which rose from the ashes of Erinaceous.

Yes indeed - Albermarle Investment Syndicates

Best Wishes

[Sprogget]

I am not the fat controller referred to above!

No indeed, for the avoidance of doubt, those following the story I think will know to whom I am referrring.

[Sprogget]

I am close to the situation, but would not wish to add much more to that as I have my own professional considerations to take into account.

I know the building is with Albermarle & from the same source, I am told that Pwc could not sell as a going concern due to north of £250k of debt, so effectively the plan is to pre-pack it in a debt free form, which is why I awas careful to say 'expect' as opposed to stating it as the definitive path. Obviously administration & liquidation is chaotic & fast moving.

I would vouch for my source all day long as someone very connected and intimately involved in the life of the airport & Fast, but I absolutely would not base big personal decisions on my say so. If you worked there, there is one obvious individual I would stay in touch with & I think you know who I mean and it is someone whose word I would trust.

Best of luck, I know all the people at Fast, so possibly we have met, but they are to the last a great bunch of people & I am sorry to see a great business wrecked by the greed and incompetence of two repeat offenders.

[DennisK]

Fast & SHM

Can I add my pennorth and having known most of the staff at Fast from the earliest JL days of the 1970s, I'd like to wish them all good fortune and working relationship with the new buyer and to tell him you couldn't have a nicer or customer friendly team working for you. You have my good wishes for the future. Dennis K.

[DennisK]

Fast.

PS. Can anyone tell me why Erinaceous are still listed daily in the SE register. About one and one half pence I think but with an asterisk! DRK

[wigglyamp]

Fast sale

PWC's sale data for Fast made much of the approvals it held, yet set it out as a sale of trade and assets. If it's a pre-pack in this manner then all approvals will be lost when the newco takes over, so no Part 145 etc. Only way to keep the approvals is to sell as a going concern and then the buyer gets lumbered with the debts - most unlikely scenario.

[Sprogget]

Sure, quite happy to be corrected.

[toptobottom]

Wigglyamp
Too late for a 'pre-pack' which is one where the terms of sale and purchase are agreed with the administrator before the director's declare the business is insolvent. The new owner (which may be the existing owner) negotiates the price for those parts of the business it wishes to acquire e.g. goodwill, staff, fixed assets, branding, contracts, etc. It may also include debt, if it can be used to offset profits from another business. Part 145 and other approvals are assets that have a value and technically can form part of the S&P Agreement.
TTB

[PEASACAKE]

I hear a rumour that Patriot is an interested party and is having a meeting, but is probably yet another bad rumour.

[Maninknow]

My info tells me its HeliAir that have got the deal.

[upintheairagain]

Maybe even more of a rumour as Patriots Citation was at Shoreham today evidently?

[g-mady]

I heard that heli-air were interested too... Would be a surprise after opening a base at thruxton too?!

MADY

[toptobottom]

I have no doubt that Heli Air is interested, although its meglomania could cause an implosion of spectacular proportions if it spreads itself too thinly..

[timprice]

All I can say is Good Luck to everyone and I hope they all find employment somewhere, as Dennis can tell you over the years its changed hands many times and as we all know the only way to make a small fortune in avaition is to start witha large one.

[lightontheskids]

I just want to add my support for the fantastic people that worked at Fast in my seven years experience of the business. I hope things work out for them and they are not in limbo for too long.

As for PwC - just because it is a big company doesn't mean it will get things right. I speak from experience.