Aeralis Ltd collapses into administration as largest investor withdraws backing
Buchler Phillips partners Jo Milner and David Buchler are joint administrators at Aeralis Ltd, the Bristol modular jet trainer startup that collapsed on 15 May 2026.
Information for general guidance, drawn from the public record. Not legal, financial, or insolvency advice. If you are affected by an insolvency, consult a licensed practitioner or qualified solicitor.
Aeralis Ltd, the Bristol-based modular jet trainer startup with Lord John Reid and Air Vice Marshal Mark Green CBE on its board, entered administration on 15 May 2026 after its largest investor pulled its funding and cashflow pressure became unsustainable.
Jo Milner and David Buchler of Buchler Phillips were appointed joint administrators. Administration is a formal insolvency process in which licensed insolvency practitioners take control of a company to try to rescue it, sell it as a going concern, or realise its assets for creditors. The appointment was sealed by the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), case number 003777 of 2026. Around 30 members of staff have lost their jobs as a result.
The company
Aeralis Ltd was incorporated on 27 August 2015 under the name Dart Jet Ltd, changing to its current name in December 2016. The company is classified under SIC code 74100, covering specialised design activities. Its registered address is Bury Lodge, Bury Road, Stowmarket, Suffolk, IP14 1JA, though its operations were centred in Bristol.
The business developed a modular jet trainer concept aimed at the military training aircraft market. The design would allow a common fuselage to be fitted with interchangeable nose, wing and engine modules to fulfil different roles. Scale models were the closest the company came to delivering a physical aircraft.
The board and officers
The directors at the time of administration were Nicholas Birtles, who had served since June 2016; Tristan Crawford, a co-founder appointed from incorporation in August 2015; Air Vice Marshal (Ret'd) Mark Green CBE, appointed in January 2021; Lord John Reid, appointed in October 2025; and Robin Southwell, appointed in September 2023. Omar Fahad Alqadi, a Qatar-based director appointed in September 2025, resigned on 28 April 2026, less than three weeks before the administration. Richard Eastment resigned in August 2024.
Southwell, who chairs the company, confirmed the decision to enter administration, saying the board had acted "after careful consideration of the company's position and the funding challenges it has faced over recent months".
Background
The board attributed the collapse to sustained cashflow pressure arising from two converging factors: delays to the UK Defence Investment Plan, which had been expected to provide a route to procurement, and geopolitical factors that disrupted private funding. The withdrawal of the company's largest investor removed the financial runway needed to bridge that gap.
Milner and Buchler are exploring strategic options for the business and its assets. The company's aerospace technology and intellectual property may attract interest from buyers, though no transaction has been announced.
No secured charges registered
The Companies House record shows no outstanding secured charges registered against Aeralis Ltd. There are therefore no secured creditors with a prior claim over the company's assets in the distribution waterfall.
For creditors and employees
Now that joint administrators have been appointed, the moratorium under Schedule B1, paragraph 43 of the Insolvency Act 1986 takes effect. The moratorium is a legal pause on most creditor enforcement action: creditors generally cannot start or continue court proceedings against the company without the court's permission.
Creditors owed money by Aeralis Ltd will in due course be asked to submit a proof of debt, which is the formal claim form a creditor submits to the administrators evidencing the amount owed. The administrators will issue payment instructions and statutory communications to known creditors as the process advances. Correspondence is conducted through Buchler Phillips at the contact address listed on the Gazette notice.
Trade suppliers and other creditors whose debts are not backed by a charge rank as unsecured creditors. Unsecured creditors are paid, if at all, after the costs of the administration and any preferential creditors have been met. Customers who paid deposits or advances for goods or services that were never delivered sit in the same unsecured category.
Employees who have lost their jobs may have claims for unpaid wages, notice pay and statutory redundancy. In administration, certain employee claims rank as preferential debts up to statutory limits, meaning they are paid ahead of most unsecured creditors. Where the company cannot meet those claims in full, the Redundancy Payments Service, a government body, can make payments to eligible employees and then recovers what it can from the insolvency estate.
Common questions
Are you owed money by Aeralis Limited?
You are an unsecured creditor unless you hold a registered charge or retention of title. The administrators will write to known creditors in due course with a proof-of-debt form and timetable for the first meeting. Until that letter arrives, no formal action is required from you. Read more about proof of debt and where you sit in the creditor hierarchy.
Did you work at Aeralis Limited?
Wages owed up to a statutory cap, holiday pay, notice pay and redundancy may be claimable from the Redundancy Payments Service if the company is unable to pay. The administrators will normally coordinate the RP1 claim with the affected staff. See gov.uk: your rights if your employer is insolvent.
Do you hold a deposit, gift card or undelivered order from Aeralis Limited?
Customers with paid-but-undelivered orders, gift cards or deposits typically rank as unsecured creditors. Where you paid by credit card and the amount was over £100, Section 75 of the Consumer Credit Act 1974 may let you claim from the card issuer for breach of contract or misrepresentation by the supplier; the rules apply per item, not per transaction, and the card must be a regulated credit card. Debit-card payments may be recoverable via chargeback.
Are you a director of a company connected to Aeralis Limited?
Watch for Section 216 of the Insolvency Act 1986 if you intend to keep trading under a similar name in a successor company. The rule prohibits a director of a liquidated company from being involved in another company using the same or a similar name for five years, unless one of the statutory exceptions applies. Read more about Section 216.
Sources
- The London Gazette notice (code Appointment of Administrators)
- Companies House record 09752004
- Court: Business and Property Courts of England and Wales, Insolvency and Companies List (Chd), case 003777
- Editorial standards: how we source and review; five-pass pipeline.
