Aircraft recyclers Sycamore Aviation have entered into administration with the loss of six jobs.
The Durham Tees Valley Airport-based business has ceased trading and administrators of the firm say they are in the final negotiations for the sale of the firm’s assets, a process which is likely to include intellectual property and goodwill.
The aircraft breakers specialised in decommissioning and recycling, including parts removal, re-certification and inventory management.
News of the administration comes just over a year since the firm secured £750,000 in capital funding from a syndicate of investors led by FW Capital.
Sycamore had operated from a 45,000 sq ft refurbished hanger at Durham Tees Valley Airport.
Earlier this year the firm featured on the Channel 4 television show, Kevin McCloud’s Supersize Salvage.