SIA Group completed a complex disposal and advisory instruction relating to the UK’s award winning premier private jet terminal ‘Rizon Jet’ as part of a solvent liquidation resulting in over £1.2m realisations. SIA acted on behalf of the company ‘Rizon Jet UK Limited’ and the Liquidator, Lloyd Hinton of Insolve Plus Limited.
“SIA Group responded to the challenge achieving a greater than expected realisation for shareholders”
In addition, SIA Group provided services and support to all parties involved in the process including the Company, the landlord, the superior landlord and the purchasers resulting in a seamless transition of new FBOs (Fixed Base Operators) and MROs (Maintenance, repair and operations) at the site.
Lloyd Hinton, FIPA, Director, Insolve Plus Limited commented:
“Rizon Jet was a challenging assignment against a backdrop of internal complexities. SIA Group responded to the challenge at each and every stage delivering onsite support over an extended period of time to me and my staff and achieving a greater than expected realisation for shareholders and a smooth transition for the new tenants.
Their unique skills and experience of the industry through SIA Aviation was clearly visible throughout the process. I would have no hesitation in recommending SIA Group services for similar complex disposal instructions and look forward to working with them again in the near future.”
Kevin Counihan, Senior Appraiser SIA Group said:
“Rizon Jet was the premier FBO terminal in the UK with the most modern sophisticated passenger terminal and MRO operation supporting it. As a result the business owned a lot of machinery, equipment and stock that had a higher value than the UK market could absorb and subsequently we had to market and sell some of the assets via tender to international buyers.”