U.K. Aircraft Company Unable To Raise Funds For Production

In another testament as to how difficult it is to make it in the light aircraft business, e-Go, a U.K. company that developed a single-place "unregulated" aircraft, has announced it is closing and is up for sale.

In a newsletter distributed to the media, e-Go said it had secured funding  for creation of the development/prototype aircraft was secured in a first round of investment as was second round funding to move into a more focused production environment.
 
The Company needed to raise additional funding to go into full production and an investment memorandum for a third round of funding was issued and distributed in July this year.

Sadly the shareholder interest generated was insufficient, coupled with the unsure financial market following Brexit. The Board made the very difficult decision to make all staff positions redundant. An announcement was made to employees on August 22nd 2016. The board believed that the way forward was to secure a buyer for the company and a Sales Memorandum was issued to a number of potential parties.
 
Although there has been some interest from the UK and overseas currently no deal has been struck.

The company said in September that after successfully completed flight trials with its prototype aircraft, and delivered the first production aircraft, e-Go aeroplanes was seeking a buyer for the company to carry the business forward with the development of the three and five-place versions of its striking single-seat aircraft.

"e-Go is a truly wonderful aeroplane, and the team who designed and developed it have high hopes for its future," said e-Go Chairman Terry Holloway. "All those who have flown e-Go have praised its superb handling and amazing performance, as well as its exceptionally low running costs, which are less than £15 (about $20) per hour - a fraction of the costs associated with other aircraft. e-Go is also a design icon which turns heads wherever it appears, and this year air show audiences have been wowed by the aerobatic sequences flown by the company's Chief Test Pilot, Keith Dennison."
 
"Compared with most General Aviation aircraft out there, this aircraft has very spritely handling. It does really snap around in the sky and as a complete package is such fun to fly," Dennison said. "It’s like having wings strapped to your shoulders and is probably one of the most exciting light aircraft I’ve ever flown."
 
The company now seeks an individual or organization to consolidate and develop other variants of the aeroplane for which we anticipate there will be strong international demand.

(Images from e-Go newsletter)

FMI: www.e-goaeroplanes.com