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Home / Business

Airwork’s past owner on mission to save the firm

BusinessDesk
10 Feb, 2025 10:50 PMQuick Read

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Airwork's Chinese owner RPM announced last year it had scuppered plans for the company's global expansion.

Airwork's Chinese owner RPM announced last year it had scuppered plans for the company's global expansion.

Aviation veteran Hugh Jones is on a mission to save former NZX-listed Airwork Holdings from the clutches of liquidation, BusinessDesk reports.

Last month he wrote to the Chinese owner, Zhejiang Rifa Precision Machinery (RPM), saying he was interested in buying back the company once he had a clear idea of what assets were left and the state of its finances.

Until he had that information, he said he could not contemplate what sort of offer he would make.

“There’s some value [in Airwork], but each day it is diminishing,” Jones said, referring to numerous recent announcements about Airwork to RPM investors.

Jones bought into the company in 1984. A few years later, he bought out Allan Hubbard’s stake and rapidly overhauled the business.

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He said when Airwork was sold to the Chinese in 2016 and 2017, the then-NZX-listed company “was in great shape”.

Read more at BusinessDesk.

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