Aircraft recyclers Sycamore Aviation are reported to be back in business after being saved from administration by Glyn Wall Ltd.
The Lancashire-registered firm announced it had acquired the Durham Tees Valley Airport-based aircraft dismantling business last night.
Glyn Wall, the company’s director insisted Sycamore is fully operational and open for business following firm’s move into administration last week.
At the time, the Journal revealed that six jobs had been lost at the firm as administrators at Baker Tilly confirmed that a sale was on the table.
Glyn Wall Ltd said it expected the original workforce to be reintegrated into the new team.
A statement from the buyers said: “The acquisition by GW brings to an end the previously reported uncertainty regarding the future of Sycamore, which had suffered impaired financial performance due to a lack of aircraft teardown orders through 2014.”
News of the administration came just over a year since the firm secured £750,000 in capital funding from a syndicate of investors led by FW Capital.
A spokesperson for Durham Tees Valley Airport said: “As our Master Plan for the future of the airport and the overall site development made clear, we believe that are substantial business opportunities for attracting aviation-related activities—including aircraft dismantling and recycling.
“We are pleased that the business of Sycamore Aviation has now been acquired by Glyn Wall
Ltd and look forward to working with the new company in taking forward their business plans.”