Major update after UK airline plunged into administration – 'We are delighted'

Major update after UK airline plunged into administration – 'We are delighted' British freight airline European Cargo Limited entered administration on June 3, but its fleet of 16 Airbus A340-600 aircraft has since been rescued A huge fleet of cargo aircraft has been acquired after a British airline set up during the Covid-19 pandemic collapsed into administration. European Cargo Limited (ECL) - a freight airline based at Bournemouth International Airport - entered administration on June 3, with Stuart Morris, Robert Fishman and David Soden, of Teneo Financial Advisory Limited, appointed as joint administrators. Teneo Financial Advisory said the appointment followed a "period of significant financial pressure on the business, driven by reduced flying activity and working capital and fuel cost pressures". The administrators confirmed that ECL had ceased trading and that redundancies were being made, with 178 employees reportedly losing their jobs. However, European Cargo's assets have since been acquired by European Aviation Group, headed by Paul Stoddart, the former Minardi Formula One team owner. The deal covers all of the assets of European Cargo, including 16 Airbus A340-600 aircraft - seven of which are understood to be flight-ready. The acquisition also includes Rolls-Royce Trent 553 and Trent 556 spare engines, as well as more than 14,000 line items of A340 and engine spares. Stoddart, chairman and chief executive of European Aviation Group, said: "We are delighted to have concluded our acquisition of all of the assets of ECL with the joint administrators. "Whilst this is a massive investment from EAL, I feel totally confident that we can keep this excellent fleet of cargo aircraft flying for the foreseeable future." ECL remains in administration, according to Companies House. European Aviation Group has not confirmed whether the acquisition will result in any of the 178 former European Cargo employees being offered jobs. European Cargo began operations in April 2020 after its parent company at the time, European Aviation, responded to an urgent request by the UK Government to transport personal protective equipment (PPE) from Malaysia. The carrier subsequently operated more than 400 charter flights carrying PPE and Covid-19 testing kits. Its aircraft were also painted in commemorative liveries paying tribute to the NHS.