Teneo engaged to oversee administration of European Cargo

Close to 200 workers have been made redundant after a key cargo airline at Bournemouth Airport entered administration. Professionals from Teneo are now exploring the company’s options.

European Cargo formerly operated freighters from Bournemouth Airport since 2020, having emerged in April 2020 during the onset of the Covid-19 pandemic. Then-parent company European Aviation had sought to offer the UK government capacity to transport medical equipment from Malaysia.

In the years since, the firm has been adapting its offering, according to the return to regular air traffic levels. It has recently been acquiring Airbus A340-600 passenger jets from such carriers as Virgin Atlantic and initially operated them as temporary freighters.

However, having acted as a key cargo airline in the county, its sale by European Aviation, which offloaded its shareholding of 50.01% in European Cargo in November 2024 to focus on its core aviation services business, seems to have piled on the pressure. Meanwhile, the firm said it has since suffered from rising fuel costs, and reduced flight demand.

As a result, European Cargo appointed Stuart Morris, Robert Fishman, and David Soden of Teneo Financial Advisory as joint administrators in early June. The administrators have since confirmed 178 redundancies have already been made. “The affairs, business and property of the company are managed by the joint administrators,” according to a statement from European Cargo.

A statement from the administrators added, “The company has ceased trading and, regrettably, redundancies are being made… Affected employees are being contacted as a priority and the joint administrators are focused on supporting them through this process, while also engaging with customers, suppliers, creditors and other key stakeholders.”