Sycamore Aviation lands £750,000 investment

The bulk of the investment, £700,000, was made by FW Capital from the North East Growth Plus Fund. The vehicle is part of the £125m Finance for Business North East Fund and provides equity tickets between £350,000-1.25m for established businesses in the region.

The fresh capital will be used to boost the company's aircraft recycling activities, by acquiring aircraft parts for salvage, as well as aid expansion into the "engine tear down" market. The investment will also fund recruitment, and new equipment and systems.

Company
Founded in 2012 by Kevin O'Hare, Sycamore Aviation specialises in end-of-life aircraft recycling. The business provides a range of services from full aircraft decommissioning and recycling to parts recertification and inventory management.

Although the company has only been operating for one year, turnover has already reached £1m.

The success of the business can be attributed to airlines expanding their fleets to take advantage of new technologies in modern aircraft. This has boosted the number of aircraft being retired. Traditionally decommissioned aircraft were stored in the deserts of Arizona. Sycamore Aviation provides a solution to the increasing number of unwanted aircraft by recycling more than 90% of parts and materials.

The business operates from a 45,000 square foot hangar in Durham Tess Valley International airport, with the capacity to store up to 48 aircrafts.

People
FW Capital investment executive Micharl Vassallo structured the investment. Kevin O'Hare is the CEO and founder of Sycamore Aviation.

Advisers
Equity – Watson Burton (Legal).
Company – BTG Corporate Finance, Chris Appleby (Corporate finance); Ward Hadaway, Robert Thompson (Legal); RHK (Tax); Sanderson Weatherall (Operational due diligence).

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