16 November 2009 | Jake Kanter
Procurement technology firm Aero Inventory (AI) has called in administrators after failing to raise cash from backers.
The UK company, which provides procurement and inventory management software to the airline industry, was unable to secure short-term funding from its banks or "other financial options".
In a statement last week, it said KPMG had been appointed as administrators and the contracts of its chief executive, finance director and chief operating officer had been terminated.
Jim Tucker, lead administrator for KPMG said it is in discussions with AI's major customers about their future requirements. He added that 135 of the company's 200 UK staff are to be made redundant.
Reviews of AI's inventory value, as well as the accuracy of its recent financial reports are yet to be completed. The firm's shares were suspended on October 26 after a "stock valuation issue" was uncovered.
Major customers include Nippon Airways, Aveos Fleet Performance (formerly Air Canada Technical Services), Qantas Airways, SR Technics and Hong Kong Aircraft Engineering Co.