Speaking after the company’s record results, Woodburn, who has run BAE since 2017, said: “In a new era of defence spending, driven by escalating security challenges, we’re well-positioned to provide both the advanced conventional systems and disruptive technologies needed to protect the nations we serve now and into the future.”

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Administrators confirm the Goole-based emergency vehicle manufacturer has shut down after more than 30 years

Hopes that jobs could be saved at a Goole-based manufacturer of emergency vehicles have been dashed after administrators were officially appointed. Insolvency experts were brought in to O&H Vehicle Conversions last week amid financial difficulties.

The development brings to an end more than three decades of production at the firm’s Larsen Road facility, and results in the loss of 157 positions. Administrators from BDO LLP said the business had been affected by delivery delays which impacted revenue and cashflow, with the directors believed to be left with no alternative but to place the company into administration.

Attempts to market the business had been ongoing even before BDO’s appointment but a sale as a solvent, going concern could not be achieved. O&H’s 64,000 sqft plant which manufactured ambulances and other rapid response emergency vehicles is now shut.

Mark Thornton, one of the joint administrators said: “It is always a sad day when a longstanding business is forced to close. Given the financial position and outlook for the company, securing a sale of the business as a going concern was not possible.

“The priority of the joint administrators will now be to support employees impacted by the closure and realise assets in line with our duties in order to maximise the return for creditors.”, reports Hull Live.

The shuttering of O&H comes just weeks after CEO Mark Brickhill released a statement saying that since November of the previous year, approximately £2.2m in sales had been postponed. He stated that O&H had received support from shareholders for years, amounting to over £25m in a “very challenging industry”.

The most recent accounts for O&H Vehicle Conversions Group Ltd, spanning the year up to the end of February 2024, reveal a turnover of £22.3m and operating losses exceeding £9.7m. In those accounts, executives attributed delays to multi-year NHS Trust orders for ambulances which needed new post-Brexit accreditations.

Several O&H employees have taken to social media in recent days in search of new employment opportunities. A former director said: “It’s a difficult day, saying goodbye to so many talented and dedicated colleagues at O&H. People who showed up every day with pride, resilience, and a genuine commitment to doing things the right way. Watching a team like that be broken apart is heart breaking.

“I’m incredibly proud of what we achieved together, and I’m grateful for the friendships, the support, and the professionalism you all brought to work every single day. To everyone affected, I wish you nothing but success in finding your next role and hope our paths cross again. If anyone reading this can help my colleagues into their next opportunity, please do reach out to them.”

On-site business partner Samson Aviation has invested in a range of new equipment to handle more cargo

Newcastle Airport has strengthened its role as a major logistics hub after expanding cargo services to meet growing demand. The airport’s on-site business partner, Samson Aviation, has invested in a range of new equipment, including a main deck loader capable of handling both widebody and narrowbody passenger and cargo aircraft.

The upgrade enables the airport to handle larger and more specialised cargo, such as heavy machinery, aircraft components, and luxury vehicle, across a wider range of aircraft. The move supports growth beyond the 4,000 tonnes of cargo it currently imports and exports for the region.

The airport supports global trade through its round-the-clock operations and transport connectivity. Emirates’ daily Dubai service can carry up to 21 tonnes of cargo, transporting a wide range of goods including automotive parts and pharmaceuticals.

From Dubai, cargo can be transported to more than 130 destinations worldwide, with Shanghai in China, Melbourne in Australia and Johannesburg in South Africa being among the most popular destinations for exports from Newcastle.

Meanwhile, the freight village offers a range of freight processing facilities, allowing imported goods to be cleared quickly through customs before being transported across the UK and beyond.

In its 2040 Masterplan, the airport has outlined plans to further expand its cargo operations, including building AirLink, a new 750,000sq ft cargo hub, which could create thousands of jobs and boost the regional economy by up to £165m a year.

Leon McQuaid, director of aviation development at Newcastle Airport, said: “We are delighted to further strengthen Newcastle Airport’s position as a leading cargo gateway with the addition of this new equipment. It significantly enhances our capability to handle a wider range of cargo and underlines our ability to support the growing number of businesses choosing the Airport for their import and export needs.

“Our continued investment in our cargo infrastructure demonstrates a clear commitment to growth and we continue to welcome conversations with any cargo or aviation related businesses looking to invest in the region.”

Paula Ives, general manager at Samson Aviation, said: “The investment in the new equipment demonstrates Samson Aviation’s commitment to supporting Newcastle Airport’s growing cargo operations. It will create more opportunities for businesses in the North East, across the UK and internationally to transport larger and more specialised cargo efficiently and connect with key markets around the world.”

Warner Bros. Discovery said Tuesday it will reopen takeover talks with Paramount Skydance after the bidder raised its offer to $31 per share, topping its earlier $30 proposal and putting new pressure on a rival deal with Netflix.

The renewed discussions come after Netflix granted Warner a seven-day waiver to explore whether Paramount can submit a stronger and binding offer.

Warner’s board said it will use this short window to address what it called “deficiencies” in Paramount’s prior bids and to clarify key terms.

A senior Paramount representative told a member of Warner’s board that the company is willing to increase its offer to $31 per share and could potentially improve it further.

Paramount has argued that its proposal is financially superior to Netflix’s $27.75 per share deal and more likely to gain approval from federal antitrust regulators, CBS News reported.

Warner CEO David Zaslav said the company has been clear about the issues in Paramount’s earlier proposals.

“We are engaging with [Paramount Skydance] now to determine whether they can deliver an actionable, binding proposal that provides superior value and certainty for WBD shareholders through their best and final offer,” Zaslav said in a statement.

Netflix’s $72 Billion Deal Targets Warner Studio

Under the existing agreement with Netflix, the streaming giant would acquire Warner’s movie studio and streaming assets in a deal valued at $72 billion.

The studio’s film library includes major franchises such as “Harry Potter,” “The Matrix,” and “Casablanca.” Including debt, the enterprise value of the Netflix deal reaches about $83 billion.

Paramount’s approach is broader. It has proposed buying all of Warner Bros. Discovery, including cable networks like CNN, TBS and TNT. According to AP News, its overall bid, including debt, stands at about $108 billion.

Despite reopening talks, Warner’s board continues to recommend that shareholders vote in favor of the Netflix transaction.

A shareholder meeting is scheduled for March 20. Netflix said Warner has until Feb. 23 to negotiate with Paramount before the waiver expires.

In a statement, Netflix expressed confidence in its offer, saying a combined Netflix and Warner would “strengthen the entertainment industry, preserve choice and value for consumers and give creators more opportunities.” The company added that it believes its deal will pass antitrust review.

Investors reacted quickly. Warner shares rose more than 2% in early trading, while Paramount gained over 6%. Netflix stock dipped slightly.

Originally published on vcpost.com