Administrators appointed to the TES Group of companies

Administrators appointed to the TES Group of companies

Jim Tucker, David Pike and Ed Boyle of KPMG LLP were appointed joint administrators of TES Parts Limited, Total Engine Support Limited, TES Holdings Limited, TES Aviation Services Limited and TES Aviation Limited (the “Group”) earlier today.

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Jim Tucker, David Pike and Ed Boyle of KPMG LLP were appointed joint administrators of TES Parts Limited, Total Engine Support Limited, TES Holdings Limited, TES Aviation Services Limited and TES Aviation Limited (the “Group”) earlier today.

The TES Group operates in the aircraft engines sector and is headquartered in Bridgend, South Wales, employing 67 people. 

Shortly after their appointment, the joint administrators sold the business and assets of Total Engine Support Limited, (the Group’s Consulting, technical services and asset management business), to Willis Asset Management Limited, a subsidiary of Willis Lease Finance Corporation. As part of the sale, 32 employees transferred to Willis Asset Management Limited.The remaining assets of the Group comprise aircraft engines and related parts. The administrators have retained the rest of the employees whilst options are explored for the remaining assets of the Group. 

Jim Tucker, partner at KPMG and Joint Administrator, said: “The Group has been through considerable transformation and turnaround activity in recent months, and the company’s directors have concluded that the Group’s current financing structure is no longer sustainable and therefore taken the difficult decision to place the Group into administration. The sale of the Consulting business to Willis is a very good start to the administration. It has ensured that the Consulting part of the Group continues under new ownership and has safeguarded a number of jobs. We appreciate this is a difficult time for those employees that have not transferred. However we are working with them in respect of available options and the assistance they can provide to the administrators in implementing plans to obtain maximum value for the Group’s engines, parts and other assets.”

Brian R. Hole, President of Willis Lease, said: “TES has long been known for the creativity and sophistication of its consulting and management business; its people, products and services and we are delighted to welcome them into Willis Lease.  We firmly believe that combining the strengths of the TES consultancy business with our asset base, existing technical capabilities and platform will allow us to offer best-in-class, customer focused solutions across the asset life cycle from purchasing, to financing, operating and ultimately to transitioning out of aviation assets. We are happy to join and support the community in Wales and can't wait to get started growing this business.”

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

About Willis Lease Finance

Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools supported by cutting edge technology, as well as technical and asset management, provided through its subsidiary Willis Asset Management Limited, and various end-of-life solutions for aircraft, engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc. 

About Deloitte

An integrated Deloitte Restructuring Services and Advisory Corporate Finance team assisted the Group in relation to the transaction. In the South West & Wales region Deloitte provides financial advisory, audit, consulting and tax services and works closely with businesses as well as public sector organisations, helping them solve their challenges and achieve their goals.  The firm’s vision is to make a positive impact on the reputation and success of its clients, the economy and wider society. In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms. Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms. The information contained in this press release is correct at the time of going to press. For more information, please visit www.deloitte.co.uk.

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