Britten-Norman secured new investment from a private equity firm, a month after the last independent British aircraft manufacturer said it would hire administrators during a period of financial uncertainty.
Advisers from Interpath Advisory helped to obtain the investment through the sale of the business and assets of Britten-Norman, the planemaker said in a statement on Monday. A group of investors led by 4D Capital Partners LLP will provide funds to Britten-Norman to boost working capital and drive long-term growth.
Britten-Norman, founded in 1954, makes the Islander aircraft, a light twin-engine plane used by the military, maritime search organizations and Scottish airline Loganair. The company produces the aircraft in a factory on the Isle of Wight.
The new investment will allow the firm to scale up production to meet demand for its aircraft, Britten-Norman Chief Executive Officer William Hynett said in the statement.
Britten-Norman filed a notice to appoint administrators in February to protect the company, The Telegraph reported at the time.
