Insider Media Limited

The directors of Coventry-based Reconnaissance Ventures have bought the business in a management buy-out (MBO) assisted by NatWest. The aerial surveying and aviation company will now relocate to new facilities at East Midlands Airport.

The company directors bought out the business’s minority shareholder, who had a 28 per cent stake in the business, for an undisclosed fee.

NatWest and Lombard Aviation have provided assistance with the share acquisition, additional aircraft asset purchases and relocation costs.

Reconnaissance Ventures provides crewed aircraft services to government agencies and commercial companies both in the UK and overseas. It was formed in 2007, following a MBO of parts of the former Air Atlantique Group.

Steve Guynan, deputy chairman of Reconnaissance Ventures, said: “NatWest and Lombard’s assistance to us in completing this share acquisition means that we can now complete the move of our business from Coventry to specially-designed new facilities at East Midlands Airport.

"The move is very important to the future operation and diversification of the company’s business, and the concentration of the ownership of the Company in the executive directors’ hands will move RVL Group forward.”

Brian Calcutt from the NatWest business and commercial office in Coventry together with Alison Jones at Lombard Aviation provided the funding package, with support from Tony Airey from the bank’s Midland structured debt solutions team.

The bank was supported by Lisa Botterill from Harvey Ingram in Leicester.