- First global business to be launched within an administration
The joint administrators of Aero Inventory have announced today the launch of aeroinv.com, a multi-hundred-million dollar aircraft parts ecommerce business. The business will supply airlines, MROs and aircraft parts supply chain specialists on a 24 hour basis via the aeroinv.com website, supported by specialist sales representatives around the world. Parts will be dispatched from an aerospace-accredited distribution hub, located in Singapore and hosted by DHL.
Jim Tucker, joint administrator of Aero Inventory and restructuring partner at KPMG, commented: “Our goal on our appointment as administrators in November 2009 was to salvage the best return possible for the creditors of Aero Inventory. Unfortunately we found that the assets of the business (over 20 million aircraft parts) had minimal value as they were spread across 130 locations around the world. We took the bold move of constructing a business plan for a new venture. Not only would we take on the enormous task of marrying the 20 million parts with their trace documentation, but we would rationalise the parts into a single distribution hub in Singapore and launch a new ecommerce business to sell them. We believe the webshop that has been developed is best in class in aeroinv.com’s target market.
“To realise the business plan, tens of millions of dollars of fresh investment was needed. The seed capital was funded with a partial sale of the inventory but fresh cash support from the original lenders was also essential. Today’s launch marks the culmination of the efforts of 130 employees at Aero, supported by 30 staff at KPMG, over nearly two years. We believe the global launch of a business of the scale of aeroinv.com, out of the remnants of a business forced into administration, is unprecedented.”
Key facts on the launch of aeroinv.com:
- Fully functional online sales platform, offering one of the world’s largest inventories of aircraft parts;
- Almost 200,000 SKUs (part lines) supporting all major commercial aircraft and engines;
- aeroinv.com webshop offers transparent pricing, ‘buy it now’ functionality and trace documentation which can be viewed online – a first in the industry;
- Aerospace-accredited Singapore distribution hub, developed with and managed by DHL, delivering to 220 countries around the world;
- Sales representatives based in Asia Pacific, US and EMA to support the aircraft maintenance industry;
- 130 total staff, with 55 based at head office in New Barnet, London;
- New management team put into place, led by Collin Trupp, CEO of aeroinv.com, out of head office in New Barnet, London;
- New business backbone systems in place, operated out of head office.
Notes to editors:
For press queries on the administration, please contact
Sorrelle Cooper, Senior PR Manager at KPMG: +44 (0)20 7694 8527 / +44(0)7932 078218
KPMG Press Office: 020 7694 8773
For press queries Aeroinv.com, please contact
Michaela Honeywood, Account Director at Oxxygen Marketing Partnership Ltd
Direct line: +44 (0) 20 8563 1391
Oxxygen switchboard: +44 (0) 20 8735 6500
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with nearly 11,000 partners and staff. The UK firm recorded a turnover of £1.6 billion in the year ended September 2009. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 144 countries and have more than 137,000 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. KPMG International provides no client services.