Co-founder leads buyout of Reheat
The co-founder of Reheat International Limited (Reheat) has completed a management buyout of the business from administration as it looks to re-establish itself as a major supplier in the aviation industry.
Image courtesy Trenchard Aviation Group
Reheat, which was established by Neil Watkins in 1998, provides maintenance, spare parts and services for aircraft galley, lavatory and cabin units and is the UK’s sole warranty repairer for a leading brand in cockpit entry systems.
Geoff Rowley and Phil Armstrong were appointed Joint Administrators of parent company Trenchard Aviation Group on 3rd July 2020 and have since marketed the group’s businesses and assets for sale whilst maintaining day-to-day operations.
Reheat became part of Trenchard Aviation Group in 2016 and operates from a modern purpose-built 16,000 sq ft maintenance, repair and overhaul facility with workshops, warehouse and office space in Alton, Hampshire, near Farnborough Airport.
The management buyout of Reheat has been led by Directors Neil Watkins and Steve Cloran. Neil will run the business as Managing Director and the deal will see the transfer of all 10 remaining staff.
Neil Watkins, Managing Director of Reheat International Limited, said: “I am very excited to have this opportunity. Reheat was an incredibly successful business going into the pandemic and we will be doing everything we can to re-establish it as a leading provider of aircraft component repairs and parts sales. I am especially happy for those loyal staff we have been able to retain and thankful for the encouragement and support of customers and suppliers as we begin to emerge from this crisis and see the aviation market recover.”
The deal was completed by a team from FRP’s restructuring practice, comprising Geoff Rowley, Steve Baluchi and Christopher French. Financial details of the transaction are undisclosed.
Steve Baluchi at FRP said: “This deal secures the future of Reheat and a number of highly skilled jobs, but also provides a foundation for Neil and Steve to rebuild the business and leverage their extensive experience in the aviation aftermarket industry.”
The Joint Administrators continue to explore sale options for the remaining parts of Trenchard Aviation Group.