Administrators appointed to Tods Aerospace

Andrew Sheridan and Geoff Rowley, partners at specialist business advisory firm FRP, have been appointed as Joint Administrators to Tods Aerospace Limited (‘the Company’) on Tuesday 3 March 2020.

Somerset-based Tods Aerospace is a manufacturer of high-quality composite technology for the aerospace sector. The Company provides full product design, build, print and analysis and is supported by a suite of cutting-edge tooling and machining facilities at its site in Crewkerne, near Yeovil.

Administrators were appointed after the business suffered a sustained period of cashflow issues and weakened order book amidst widespread challenges in the aerospace sector.

The joint administrators are continuing to trade the business while the business and assets are marketed for sale. 111 employees have been retained to support the ongoing operation of the business, while 25 staff have been made redundant.

Andrew Sheridan, Joint Administrator and Partner at FRP, said: “Tods Aerospace is part of the complex supply chain supporting international aviation and its challenges reflect the mounting pressures facing many manufacturers in the industry. We are now working with the management team to maintain trading and operations as usual, while we look to find a buyer.

“We are also working with the Redundancy Payments Service to support all affected employees.”

Unitech Aerospace, the Group company, and its other subsidiaries are not part of the administration.

www.frpadvisory.com

www.tods.co.uk

 

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