The business and assets of Total Engine Support Ltd, (the group’s consulting, technical services and asset management business) have been sold to Willis Asset Management Ltd, a subsidiary of California-based Willis Lease Finance Corporation. As part of the sale, 32 employees transferred to the US company which specialises in leasing aircraft engines.

The other companies in the group are TES Parts Ltd, TES Holdings Ltd, TES Aviation Services Ltd and TES Aviation Ltd. In total the group, which is headquartered in Bridgend in South Wales, employs 67 people. The administrators have retained the rest of the employees not transferred while options are explored for the remaining assets, which comprise aircraft engines and related parts.

KPMG partner and joint administrator Jim Tucker 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.’

Brian 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.’