History
The origins of Aero Inventory lie in a business called Hibbert & Richards which was founded by Hibbert Tranfield and Richard Ellis in London in 1917. Hibbert & Richards started out as a general engineers merchant with an early focus on the clock making industry. In 1950, the company received UK Air Ministry approval for the supply of fasteners for aircraft construction. In 1985 Hibbert & Richards moved from London to New Barnet, Hertfordshire, and became focused on the distribution of industrial fasteners.
The business was acquired in April 1994 and since then, a new management team has transformed it into an aerospace parts service provider, focusing primarily on consumable and expendable (C&E) parts.
In early 2000 the company changed its name to Aero Inventory to better reflect the nature of its business. In May 2000 the company´s shares were listed on the Alternative Investment Market (AIM) of the London Stock Exchange, allowing the company to raise new capital for expansion. Aero Inventory has subsequently grown rapidly and profitably.
History of Customers Supported
At the time of its admission to trading on AIM in May 2000, Aero Inventory had two UK customers: CF Taylor and Britax. The contract with CF Taylor was replaced in August 2003 by a three-year contract with B/E Aerospace (UK), a leading manufacturer of cabin interior products; Aero Inventory chose not to re-tender for this relatively small contract when it came up for renewal in 2006. Aero Inventory signed a three-year, sole-supplier contract with Britax, which now trades as Contour, in September 1998, which was renewed in September 2001 for a further three years. The contract has not been formally renewed; Aero Inventory continues to supply Contour on the same terms.
In November 2000, Aero Inventory entered into a five-year, sole-supplier contract with HAECO, covering a range of C&E parts. HAECO is a leading Hong Kong-based MRO. The sales arising from the original contract with HAECO increased substantially as a consequence both of new parts being added and of the increased usage of parts covered by the contract. In September 2002 the original contract was superseded by a new sole-supplier contract encompassing a substantial amount of new business. On 12 January 2006, Aero Inventory announced that a five-year extension to the main HAECO contract, effective from 1 January 2006, had been signed. The new contract supersedes and extends the two previous contracts into line and base and heavy maintenance operations.
In March 2002, Aero Inventory signed a five-year contract with TAECO, a major MRO based in Xiamen, China. HAECO owns 54.5 per cent of TAECO, whose other shareholders include Xiamen Aviation Industry Company Limited, Cathay Pacific, Japan Airlines, Boeing Group, and Beijing Kailan Aviation Technology Development and Service Company (a subsidiary of the Civil Aviation Administration of China). Sales to TAECO are now governed by the January 2006 agreement with HAECO and sales have increased strongly over the last 12 months.
In October 2003, Aero Inventory signed a procurement and inventory management contract with SR Technics Switzerland, which is one of the world’s leading MROs. This contract covers the supply, on an exclusive basis, of a range of aircraft parts for SR Technics’ consumption in Switzerland. The SR Technics Switzerland contract, which commenced on 1 December 2003, runs for an initial term of five years, renewable, by mutual consent, for a further five years.
In February 2004, Aero Inventory signed a further contract with SR Technics for the supply of a range of aircraft parts in Hong Kong in support of one of SR Technics’ major customers in Asia Pacific, namely Dragonair.
In March 2004, Aero Inventory signed a procurement and inventory management contract with Abu Dhabi based Gulf Aircraft Maintenance Company (GAMCO), a leading player in the Middle Eastern MRO market.
In August 2004, Aero Inventory signed two essentially identical service contracts with European MROs FLS Aerospace (UK) and FLS Aerospace (IRL), since re-named SR Technics UK and Ireland after having been acquired by the SR Technics Group. The contracts cover the supply on an exclusive basis of all C&E parts for an initial period of five years.
In December 2004, Aero Inventory signed an agreement with GMF AeroAsia, an Indonesian MRO owned by the Indonesian government and based in Jakarta. The agreement with GMF AeroAsia was originally entered into in the context of Aero Inventory’s trading of aircraft parts. However, GMF AeroAsia subsequently requested an extension of Aero Inventory’s involvement and a further agreement covering GMF’s hangar and engine workshops was signed in March 2007.
In May 2006 Aero Inventory commenced operations in Bahrain in support of SR Technics who had been engaged to carry out line and base maintenance for Gulf Air.
Following a detailed supplier selection process, In October 2006, Aero Inventory signed a 10 – year agreement with Qantas Airways Limited in relation to the supply of procurement, purchasing, inventory management and logistics services for Qantas’ Expendables and Recoverable spares.
In November 2007, Aero Inventory signed a long term sole supplier agreement with ACTS (formerly Air Canada Technical Services), subsequently renamed Aveos Fleet Performance, covering all parts for this major North American MRO and its operations across Canada and, through its subsidiary company, Aeroman, in El Salvador.
The most recent major new customer acquisition took place in March 2008, when a long term contract was signed with All Nippo Airways, one of the top 10 airlines in the world, to provide parts support for ANA's Boeing 747 and Airbus aircraft.
Aero Inventory´s History – a chronology
| 1917 | Hibbert Tranfield and Richard Ellis founded Hibbert & Richards. The company started out as a general engineers merchant and was located in London where it built up a business supplying the clock making industry. | |
| 1985 | Hibbert & Richards moved premises to Barnet, Hertfordshire, and the business became focused on the distribution of industrial fasteners.. | |
| 1994 | Present senior management acquired Hibbert & Richards, becoming a specialist supplier of fasteners and small items to the aerospace industry. | |
| 1998 | Hibbert & Richards secured ISO9002 and FAA accreditation under Advisory Circular 00-56 for its proprietary system of Direct to Stock supply for the aerospace industry. | |
| 2000 | Company name changed from Hibbert & Richards to Aero Inventory to reflect the change in business activity. | |
| 2000 | Aero Inventory floated on the Alternative Investment Market of the London Stock Exchange. | |
| 2002 | Formation of Aero Inventory (Hong Kong) Ltd as a subsidiary of Aero Inventory (UK) Limited. | |
| 2003 | Formation of Aero Inventory (Switzerland) AG as a subsidiary of Aero Inventory (UK) Limited. | |
| 2006 | Formation of Aero Inventory (Australia) Pty Limited as a subsidiary of Aero Inventory (UK) Limited. | |
| 2007 | Formation of Aero Inventory (USA) Inc. as a subsidiary of Aero Inventory (UK) Limited. | |
| 2008 | Formation of Aero Inventory (Canada) Inc. as a subsidiary of Aero Inventory (UK) Limited. | |
| 2008 | Formation of Aero Inventory Japan KK as a subsidiary of Aero Inventory (UK) Limited. | |
| 2008 | Formation of Aero Inventory (Bahrain) SPC as a subsidiary of Aero Inventory (USA) Inc. |
