News

Avtrade and Air France joint venture AAF Spares secures funding for growth

24 January 2013

AAF GROWTH TAKES OFF WITH SANTANDER FUNDING 

Aircraft supplies company AAF Spares is set for growth after securing a $10 million (£6.18m) finance package from Santander Corporate & Commercial Banking to purchase additional stock to supply to major aircraft clients.

AAF is 50/50 joint venture established in June 2011 between Avtrade Limited and Air France. The new funding will be used to grow AAF Spares leasing business, specifically focussing on parts for the Airbus A320/A330 generation of aircraft.

Graeme Brooks, CEO of Avtrade, and Director of the Board of AAF SPARES said: “We are delighted to have secured this new funding to help boost the growth of our new joint venture. The funding will be used to add additional inventory to AAF’s already significant stock base, specifically to supply to Airbus A320/A330 customers. To have secured this funding demonstrates the strength of our industry and its importance in promoting growth for both the local and wider UK economy.”

Robert Anton, SVP Component Services, Air France Industries, and Director of the Board of AAF SPARES added: “This is a positive move for our customers. They will have an improved ability to derive maximum operational and financial benefit from the inventory of parts needed to operate their aircraft, at the same time as they enjoy guaranteed access to the best-quality parts in the right place, at the right time, and for optimal total cost of ownership.”

Matt Evans, Relationship Director for Santander Corporate Banking, said:  “We are proud to be supporting AAF and Avtrade with this new funding. The aerospace industry is vitally important to the local economy and it is great to see a local company making such headway in this global industry. Avtrade’s partnership with Air France demonstrates the capabilities that our local businesses have in making a mark on the international landscape. I wish Graeme and his team every success for the future.”