An 82-year old aviation company in Dorset that counts Airbus, Boeing, Virgin and Emirates among its customers, has fallen into administration.
AIM Aviation, which is based at Aviation Business Park at Bournemouth International Airport, appointed Grant Thornton as administrators on June 27, The Gazette public records site shows.
The company, which was established in 1940 under the name W Henshall & Sons, designs and manufacturers cabin interiors for helicopters and planes, including lounges, bars, seats and galleys. It also makes interiors for military aircraft.
AIM Altitude has 600 staff and has been owned by the state-controlled Aviation Industry Corporation of China (AVIC) since 2016. AVIC paid £155m for the company at the time.
Companies House records show Jiajia Dai, Li Fan, Mark Stoddart and Neil Taggart as the company's directors.
According to The Times , the business went through a pre-pack administration last week and was bought by ACS UK - another division of AVIC - which means the Chinese Government will take overall control of the firm.
The former head of the Conservative party, Sir Iain Duncan Smith, has reportedly urged MPs to review the ownership of AIM Altitude. The National Security and Investment Act, which came into force on January 4, gives the Government powers to scrutinise and intervene in business transactions, such as foreign takeovers, to protect national security.
“This absolutely needs to be called in and the Government has got to get off its backside," Sir Iain told The Times. The administrators have declined to comment.
Last year, AIM Altitude closed its factory in Llanelli, Wales, with the loss of 100 jobs. According to Business Live's sister site Wales Online, the company blamed the knock-on effect of the Covid crisis on the aviation industry as the reason for the decision.
It's estimated the airline industry worldwide lost $314bn in revenue in 2020 as a result of the pandemic.
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