£3.2m supports Air Medical's growth into global market
- £3.2m supports Air Medical’s investment in two worldwide Learjet 35As
- Lombard’s two aviation mortgages provide a secured term debt facility
- Air Medical grows into a global specialist air ambulance operator
Air Medical Ltd (AirMed) is the UK's largest fixed wing air ambulance operator and supplies specialist air ambulance repatriation services worldwide. AirMed has been operating for more than 25 years and through this time has developed its aircraft fleet and medical capabilities into a worldwide gold standard. In association with this medical service provision, it also provides engineering support in-house and to third parties and chartered flights for both private passengers and freight.
AirMed was first introduced to Lombard when its shareholders bought the company and decided to expand. As a customer of NatWest, AirMed approached Lombard in 2008 to discuss further funding for two Learjet35As. AirMed had previously funded via short term investments but Lombard was able to offer a finance solution with a secured term debt facility. The Learjet 35As have now enabled AirMed to branch out of the Euro Zone and fly much greater distances, including into Africa, the Middle and Far East and across the Atlantic.
The speed and range afforded by the aircraft also enables AirMed to undertake much more complex missions in terms of patient condition, including neonatal, obstetric, paediatric and adult intensive care. Paul Tregale, Lombard Relationship Director, explains, "The Lombard team and I used our aviation experience to create a £3.2m finance solution consisting of two aviation mortgages to support AirMed's investment. There's no other UK air ambulance company with jets and AirMed now has two. This funding also means more opportunities for AirMed in terms of an increase in revenue channels from new customers."
AirMed talked to a number of people before choosing Lombard. Rupert Dent, Managing Director of AirMed explains, "Rates are important but Lombard was also very helpful. While the majority of companies in our industry are in a period of consolidation we chose to invest and Lombard was prepared to support us. It made an effort to understand our business and this kind of support is considered invaluable to us."
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