British firm vying to build next Red Arrows jets collapses

British firm vying to build next Red Arrows jets collapses16 minutes agoShareSaveAdd as preferred on GoogleJoshua NevettPolitical reporterBBCThe Hawk T1 jet, as used by the Red Arrows, will go out of service in 2030A British aerospace company that was developing a replacement for the famous Red Arrows fighter jet has gone into administration, resulting in the loss of about 30 jobs.Aeralis had pitched itself as the only British firm able to supply a new advanced jet trainer that would be designed and built in the UK.The firm was hoping the UK government would award it a contract to replace the Hawk jets currently flown by the RAF's Red Arrows before they are due to be retired in 2030.The administrators said the company had faced "a sustained period of pressure" on its cashflow after "continued delays to the UK Defence Investment Plan, combined with geopolitical factors affecting sources of funding".A Ministry of Defence (MoD) spokesperson said: "The fast jet trainer programme is ongoing and no final procurement decisions have been made."More broadly, this government is backing British jobs, British industry, and British innovators - since July 2024, we have signed 1,200 major contracts, with 93% of the spend going to UK-based companies."The BBC has been told the company's main investor Barzan Holdings, the strategic investment and procurement arm of Qatar's Ministry of Defence, withdrew its funding amid the US-Israeli war with Iran.A potential agreement Aeralis was exploring to make jets for the French government also failed to materialise.The company filed for administration on Friday.In a statement, Joanne Milner from administrators Buchler Phillips, said: "Aeralis has developed a highly differentiated proposition within the aerospace and defence sector. "We hope that the administration process will provide an opportunity to explore routes to preserve and develop that value for stakeholders."Aeralis c...