FlightTech Distribution Limited, a supplier of batteries and model accessories for the Radio Controlled (RC) hobby industry, entered into liquidation on 11 December 2009.
Jeremy French and Glyn Mummery, Client Partners at Vantis Business Recovery Services, a division of Vantis, the UK accounting, tax and business advisory group, were appointed Joint Liquidators. They have subsequently sold FlightTech’s assets and goodwill to some of the company’s former directors, saving 5 jobs and the future of the business.
FlightTech’s product range will continue to be marketed under the FlightTech brand by the company’s new owners and their business, Energon Solutions Ltd.
Commenting on the case, Jeremy French said: “FlightTech Distribution Ltd had a successful product range, with recognised brands. Even though it is sad that, in this case, liquidation was the only solution to an escalated shareholder conflict, we are glad that we could find a place for the business and release it from a situation of uncertainty.”
Speaking on the buy out of FlightTech Distribution Ltd, Andrew Kirby, Director of Energon Solutions Ltd, said: “FlightTech products are ubiquitous in the hobby sector and we are delighted to have them in our portfolio of leading brands. Together with the passionate FlightTech talent that has now joined us, we are looking forward to providing an even broader range of new and innovative products to the hobby world.”