Mazars has been appointed as administrator to Rovac Aerospace, an aircraft interior specialist that has come into financial trouble after its revenues dropped by roughly 50% in the past 12 months Mazars has ceased the trading of the company and is exploring possible sale options for the firm.
Rovac Aerospace is a South West Wales-based business that is specialised in aircraft interiors and a range of aerospace finishing and rework services. The firm was set up in 2010 and its clients included Contour Aircraft Seating, Rayburn Plastics and Glenborough Aerospace, Kent's Plalite Systems, Finnair, Swiss Airways, Turkish Aura and Nimbus.
In the previous financial year (up to 31 March 2013), the company had revenues of £1,366,853, but this number fell drastically to £584,689 by March 31, 2014.
As a result Rovac Aerospace collapsed, and recently Simon Chandler and Scott Bevan of the Restructuring Services team of accounting and consulting firm Mazars in Birmingham were appointed joint administrators of the firm. Chandler comments: “Rovac Aerospace had been experiencing financial difficulties but the owner had been actively trying to restructure the business. The director had very little option but to appoint administrators to the company when all attempts to restructure the business failed.”
After an immediate financial review, the administrators stopped to trade the business, with 16 job losses the consequence. The administrators are currently seeking a buyer for the aerospace company, and state that they are open to speaking with interested parties.