Vaayu Aviation Capital & Leasing (UK) Limited (09817873): administration
- Status
- Administration ended
- Administration began
- 2020-01-31
- Administrators' firm
- Kreston Reeves
- Incorporated
- 2015-10-09
- Location
- Chatham
- Industry
- 46690 Wholesale of other machinery and equipment
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
Vaayu Aviation Capital & Leasing (UK) Limited (“the company’), a private limited company established in Wales, traded as an aftermarket supplier of used/refurbished commercial aviation engine parts. The company operated from an industrial unit in South Wales, United Kingdom. The trading premises is held on a 5-year lease agreement which commenced from April 2016. The rent was initially charged at £27,500 per annum for the period from April 2016 to March 2018 and this increased to £55,000 per annum for the period from April 2018 to March 2021.
At the point that the company entered Administration, the company employed 12 members of staff who dealt with sourcing parts, assessing the parts, sales and administrative functions. The company is a wholly-owned subsidiary of Vaayu Aviation Capital & Leasing (Ireland) Limited.
The company commenced after two of the directors had met and effectively came to an arrangement to pool their resources. Steve Williams had around 38 years experience working in the aviation industry and had built an extensive network of contacts. Vijay Arumbakkam was involved in running Vaayu FZ LLC from the UAE and was able to offer an established brand and an opportunity to obtain significant credit lines. The company took interest bearing loan notes from Vaayu FZ LLC totalling $250,000 who in turn took loan notes from Mr. Emad Al Monayea and Ms. Meena Arumbakkam, and from Mr. Steve Williams for $250,000. The status of all three loan notes are as follows:
Administrators' statement of proposals (2020-03-19) · Companies House register