17 Nov 2016 07:00
Better Capital PCC Limited 2012 Cell
17 November 2016
Restructuring of CAV Aerospace Limited ("CAV")
The Board of Better Capital PCC Limited has been informed by the General Partner of BECAP12 Fund LP (the "2012 Fund") that following an intra group restructuring, facilitated through a pre-packaged insolvency process, the business and assets of CAV have been acquired by Northern Aerospace Limited, a special purpose vehicle within the same group.
The transaction has facilitated the continuation of CAV's trade and has protected the employment of the group's workforce, of approximately 550 people across four UK and two Polish sites.
The 2012 Fund has backed the business with the provision of additional funding of up to £7 million, to fund major capital expenditure projects and working capital to support management's plans for revenue growth and improved profitability.
The effect of the restructuring is not expected to have an impact on the carrying value of the group as at 30 September 2016 as estimated in the Company's recent pre-close statement.
Enquiries:
Better Capital PCC Limited +44 (0) 1481 716 000
Mark Huntley (Administrator and Company Secretary)
Better Capital LLP +44 (0) 20 7440 0840
Bonnie Kraus (Investor Relations)
Powerscourt +44 (0) 20 7250 1446
Justin Griffiths
Numis Securities +44 (0) 20 7260 1426
Nathan Brown