Astraeus Limited (04380108): administration
- Status
- Administration ended
- Administration began
- 2011-11-22
- Formerly
- Blakedew 360 Limited
- Incorporated
- 2002-02-22
- Location
- Manchester
- Industry
- 6210
Why it went into administration
- Sustained trading losses
- Weak consumer demand
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
21 The Company’s principal activities were as a worldwide airline operator, providing a vanety of options to its customers including the leasing of aircraft only, piloted aircraft and aircraft with full crews on both a short term and longer term basts.
2.2 This service allowed the Company’s customers to obtain additional capacity or avoid cancellations whilst their aircraft may be out of operation, grounded or being maintained The Company leased all aircraft from third party lessors and did not own any aircraft outright.
23 In recent years due to the difficult economic climate, the Company had lost a number of long term contracts, leaving only one long term client remaining, being Iceland Express (IEX) a related company This loss of revenue was exacerbated by the fact the Icelandic summer season 1s shorter than in traditional UK charter markets.
Administrators' statement of proposals (2012-01-25) · Companies House register