Jobs saved following restructure of aircraft components manufacturer

More than 550 have been saved after an aircraft components manufacturer has been restructured and acquired, a report in the local business media has been able to reveal.

The Consett-headquartered CAV Aerospace was acquired by Better Capital in March 2015 whose BECAP12 Fund then committed an initial £40m to fund the deal.

Now, the Better Capital board has been informed by the general partner of BECAP12 Fund that following an intra-group restructuring, facilitated through a pre-packaged insolvency process, the business and assets of CAV have been sold to counterpart Northern Aerospace.

The transaction has facilitated the continuation of CAV’s trade and has protected the employment of the company’s 550 staff, working across sites in Consett, Llantrisant, Leicester and Chester, as well two Polish operations.

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