Latest news with #StephenFitzpatrick
Yahoo
15 hours ago
- Business
- Yahoo
Losses balloon at Ovo tycoon's luxury private members club
A luxury private members' club owned by the millionaire founder of Ovo Energy has been hit by ballooning losses since reopening. Stephen Fitzpatrick's Kensington Roof Gardens plunged £26m into the red in the 12 months to December, according to new filings, up from losses of just £6.6m the year prior. The scale of the losses reflects the challenge facing Mr Fitzpatrick in making a success of the exclusive club, which he reopened in July last year. Owned by Sir Richard Branson until 2018, Kensington Roof Gardens has an illustrious history as a west London party venue and was once home to a flock of pink flamingos. To safeguard the company's balance sheet, Mr Fitzpatrick, a Belfast-born City trader, recently secured a £15m loan from a Tel Aviv-based investment fund that is subject to a punishing 17.5pc interest rate. This is expected to see the company through to May 2026. It has already sparked more than £3m in debt interest costs. Total revenues hit £4.3m in 2024, bolstered by charging customers an annual membership fee of £2,500 a year. This falls to £700 for under-32s. As well as securing a £15m loan, Mr Fitzpatrick also extended £29m to Kensington Roof Gardens through his own investment vehicle, Imagination Industries. Similar loans had previously sparked scrutiny because they were made when Imagination Industries was also the owner of Ovo, Britain's fourth biggest energy supplier. This led to Mr Fitzpatrick being hauled before MPs in 2022, as they urged him to 'open the books' after grilling him over £40m worth of intercompany loans. Ovo, which is currently said to be in merger talks with Scottish Power, has since cut ties with its former parent group. However, Mr Fitzpatrick is the ultimate owner of each of these businesses, which form part of his sprawling business empire. He was also formerly the largest shareholder in Bristol-based flying taxi business Vertical Aerospace but lost control late last year as part of an emergency refinancing deal. He also owned the Formula 1 Manor Racing Team before it collapsed in 2017. The roof gardens were built in 1938 and were bought by Sir Richard in 1981. During his tenure, the private club was a celebrity hotspot frequented by the likes of Freddie Mercury, Kate Moss and Madonna. Kensington Roof Gardens was contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Telegraph
a day ago
- Business
- Telegraph
Losses balloon at Ovo tycoon's luxury private members club
A luxury private members' club owned by the millionaire founder of Ovo Energy has been hit by ballooning losses since reopening. Stephen Fitzpatrick's Kensington Roof Gardens plunged £26m into the red in the 12 months to December, according to new filings, up from losses of just £6.6m the year prior. The scale of the losses reflects the challenge facing Mr Fitzpatrick in making a success of the exclusive club, which he reopened in July last year. Owned by Sir Richard Branson until 2018, Kensington Roof Gardens has an illustrious history as a west London party venue and was once home to a flock of pink flamingos. To safeguard the company's balance sheet, Mr Fitzpatrick, a Belfast-born City trader, recently secured a £15m loan from a Luxembourg-based investment fund that is subject to a punishing 17.5pc interest rate. This is expected to see the company through to May 2026. It has already sparked more than £3m in debt interest costs. Total revenues hit £4.3m in 2024, bolstered by charging customers an annual membership fee of £2,500 a year. This falls to £700 for under-32s. As well as securing a £15m loan, Mr Fitzpatrick also extended £29m to Kensington Roof Gardens through his own investment vehicle, Imagination Industries. Similar loans had previously sparked scrutiny because they were made when Imagination Industries was also the owner of Ovo, Britain's fourth biggest energy supplier. This led to Mr Fitzpatrick being hauled before MPs in 2022, as they urged him to 'open the books' after grilling him over £40m worth of intercompany loans. Ovo, which is currently said to be in merger talks with Scottish Power, has since cut ties with its former parent group. However, Mr Fitzpatrick is the ultimate owner of each of these businesses, which form part of his sprawling business empire. He was also formerly the largest shareholder in Bristol-based flying taxi business Vertical Aerospace but lost control late last year as part of an emergency refinancing deal. He also owned the Formula 1 Manor Racing Team before it collapsed in 2017. The roof gardens were built in 1938 and were bought by Sir Richard in 1981. During his tenure, the private club was a celebrity hotspot frequented by the likes of Freddie Mercury, Kate Moss and Madonna. A spokesman for Kensington Roof Gardens said: 'Over the past two years, there has been significant investment into The Roof Gardens, sparking a revival of the iconic London landmark. 'The figures reflect the major restoration and investment into the project. The transformation has created jobs, reimagined the private members' club experience in the capital, while delivering a positive impact for the local community.'
The Irish Sun
28-05-2025
- Automotive
- The Irish Sun
Incredible moment Britain's first ever flying taxi takes to UK skies with speeds of 150mph and room for four passengers
BRITAIN'S first ever flying taxi has taken to the skies in a successful flight over the Cotswolds. The electric aircraft has room for four passengers, can reach speeds of 150mph and can take of and land vertically like a 4 The aircraft use a bank of propellers on each wing Credit: Vertical Aerospace 4 The innovative craft can take off and land vertically Credit: Vertical Aerospace Group Ltd The prototype VX4 Footage of the flight showed the aircraft spinning up its rotors and taking to the skies. With propellers that can hold the craft in a hovering pattern or rotate and perform like a traditional plane the aircraft can use a runway or take off vertically. It boasts a range of up to 100 miles which it can cover in less than an hour of flying. Read more in Motors Developed by Bristol-based Video footage of the flight showed off the aircraft's impressive capabilities in its first flight outside of strictly controlled test conditions. It comes after the government set a target to make flying taxis a reality by 2028. Vertical Aerospace's VX4 flight marked the first open airspace flight of a flying taxi in Europe. Most read in Motors A hover test of the aircraft was carried out in January and rivals have undertaken test flights in the US and Dubai. Vertical Aerospace has received millions of pounds in UK Government funding to develop the aircraft. The company has also received tens of millions of pounds of funding from private investors. Last month the Government announced £20 million of funding for the Civil Aviation Authority to make flying taxis a reality. Further flights of the VX4 are expected later this year with the craft's transition from hovering to cruising using its wings set to be tested. A group of several companies in the UK are currently working on developing flying taxis. 4 The aircraft have a range of 100 miles and can reach speeds of 150mph Credit: Not known, clear with picture desk 4 The craft, powered by electricity, are designed to be quiet Credit: Not known, clear with picture desk It is hoped that the The aircraft are designed to be quiet, zero emission modes of transport. A trip from Liverpool to Leeds in a flying taxi could take as little as 26 minutes. Flying car promises to transform into plane in two minutes Pilot Simon Davies said: 'Taking the aircraft beyond the airfield and cruising over the Cotswolds for the first time was truly special and a career highlight for me. 'Our performance predictions were absolutely spot on, and the aircraft took off as a natural extension of all the ground tests and preparation we've done.' Earlier this year, Founder Stephen Fitzpatrick ceded control of the business as part of the rescue plan.
Belfast Telegraph
28-05-2025
- Business
- Belfast Telegraph
Electric air taxi company founded by Belfast man completes landmark flight
Vertical Aerospace, the electric air taxi company founded by Belfast man Stephen Fitzpatrick, has completed what it says is the first piloted flight of such an aircraft in European open airspace. It makes a landmark step for the company, which has endured a tumultuous few years that saw it undergo a major restructuring as it continued development of its aircraft. Vertical is one of a number of firms developing vertical take-off and landing electric air taxis that they are hoping will become major green transport modes in busy cities across the world. The company was founded by Stephen Fitzpatrick – also the founder of Ovo Energy – and was heavily backed by Dublin-based jet lessor Avolon. Mr Fitzpatrick stepped down as Vertical's CEO in 2023. Dómhnal Slattery, CEO of Avolon until 2022, stepped down as Vertical's chairman in 2023, before being reappointed to the role this year. The landmark flight of the VX4 prototype in the UK on Tuesday, piloted by chief test pilot Si Davies, saw the aircraft take off, fly and land like a conventional aircraft, with lift generated by the wing. In phase three testing – wingborne flight – the VX4 operates like a conventional aircraft using lift generated by its wings, rather than relying solely on rotor thrust. This low-power, quiet mode of flight is key to making electric air travel practical, scalable and economically viable, according to Vertical Aerospace. The UK Civil Aviation Authority (CAA) approved the flight through open airspace at Cotswold Airport by extending Vertical's permit to fly. 'Achieving piloted wingborne flight in open airspace under the oversight of the UK CAA is an important moment in our certification journey,' said Vertical Aerospace CEO Stuart Simpson. 'Operating under the UK's rigorous regulatory framework means we share the burden of safety with our regulator – every step must be approved, and that's by design. It amounts to a mini-certification of our prototype and gives us a clearer, faster path to type certification.' Last year, Vertical Aerospace sued a British company that was involved in the development and manufacture of major components for its prototype aircraft. Vertical Aerospace floated in New York in 2021, valuing it at $2.2bn. The company's market capitalisation slumped to as low as $162m last year, but has since risen to $455m.
Irish Times
28-05-2025
- Business
- Irish Times
Vertical Aerospace passes milestone flight test
An air taxi built by Irish-backed Vertical Aerospace passed a key milestone with a successful test of its ability to fly like a conventional aircraft, according to company chairman Dómhnall Slattery. Founded by Belfast man Stephen Fitzpatrick, New York-listed Vertical Aerospace is developing electric vertical take-off and landing (EVTOL) aircraft at its base in Bristol in England. The company recently demonstrated that its EVTOLs can take off, fly with a pilot and land using their wings, like conventional passenger jets, a key requirement imposed by regulators at the UK's Civil Aviation Authority (CAA). Mr Slattery, former chief executive of Irish aircraft leasing giant Avolon, said on Tuesday that Vertical Aerospace was the first EVTOL developer in Europe, 'if not globally' to have passed this test. READ MORE 'You have to be able to prove that you can take off, fly and land conventionally,' he explained. 'That's a difficult thing to do. We are the first EVTOL to achieve this milestone with a pilot on board.' Mr Slattery added that the successful test put the company in a unique position globally and kept it on track to meet its target of gaining full safety certification in 2028. The CAA is working with the European Union Aviation Safety Agency (EASA) to certify the EVTOLs. According to Mr Slattery, the regulators have imposed 'exactly the same standards' as those that apply to the Airbus and Boeing passenger jets on which most Europeans fly. Its next stage is 'transition', that is moving from thrust-borne flight, like a helicopter, to wing-borne flight, like a plane, and back again. Vertical Aerospace aims to complete that phase later this year, said its chairman. Vertical's EVTOL, the VX4, is battery powered and designed to fly four passengers over short distances, making them ideal for providing quick transport in crowded cities. One application is likely to be transporting passengers from airports to city centres. It has already drawn interest from airlines in Brazil and Turkey, home to 'mega cities' São Paulo and Istanbul, which have busy airports. Vertical is also developing a hybrid gas-electric version of the VX4 that will increase its range from 160km (100 miles) to 1,600km, and its payload to 1,000kg from 500kg. That will open cargo and defence markets to the company. The range and ability to fly silently make it attractive for military use, while Mr Slattery said that several navies had expressed interest in the hybrid, which could be used for ship-to-ship or ship-to-land transport. Mr Slattery's old company, Avolon, is a shareholder in Vertical. It has an initial order for 500 of the electric VX4s, should they gain the necessary certification. The company has a total of 1,500 such orders, which would take it into the middle of the next decade. Avolon has placed its VX4s with GOL in Brazil, Gözen Holdings, owner of Freebird Airlines, in Turkey, and Japan Airlines among others. Former Irish Aviation Authority and Eurocontrol chief executive Eamonn Brennan joined Vertical this year as an adviser to its board.
