UK Flying Taxi Pioneer Faces Cash Crunch Despite £70-M Bailout

A British flying taxi company backed by the millionaire founder of Ovo Energy is set to run out of cash within eight months, despite a near-£70 million bailout at the start of the year, Christopher Jasper reported for The Telegraph.

Vertical Aerospace has spent tens of millions of pounds pioneering the concept of flying taxis. I Photo:

Bristol-based Vertical Aerospace warned that its existing resources would not last beyond the fourth quarter, despite a $90 million (£68 million) refinancing earlier this year. Its British founders ceded control to a U.S. vulture fund—an investment firm that buys securities in struggling companies—as part of the deal.

In its annual report, Vertical stated: “The group requires additional capital to continue to fund its ongoing operations beyond that point.”

This raises the prospect that the company, which employs around 300 people, could collapse without further support. It warned: “The timely completion of financing in 2025 is critical to the group’s ability to continue as a going concern.”

Vertical Aerospace was founded by Ovo tycoon Stephen Fitzpatrick in 2016 and is listed on the New York Stock Exchange (NYSE).

The company has spent tens of millions of pounds pioneering the concept of flying taxis. However, the loss-making business has struggled in recent years as interest rates have risen.