XH558 - VTTS Stitch Up
Discussion
Ginetta G15 Girl said:
aeropilot said:
Shame RAFM didn't decide to pick at least one of the Black Buck Vulcans to preserve, given they were the only ones to see operational use.
But they did, XM598 (yes I know the a/c aborted from BB1).
If someone could teach me to fly the beast, I'll move it (F*** the legality style) where ever it's wanted.
CAA don't frighten me, I'm not gonna get shot down over houses and at least jail will give me free housing and 3 square a day.
What 558 needs is someone who can fly her with some balls before it's too late.
CAA don't frighten me, I'm not gonna get shot down over houses and at least jail will give me free housing and 3 square a day.
What 558 needs is someone who can fly her with some balls before it's too late.
Voldemort said:
Who actually owns VH558? And what is its' value? Or, to put it another way, who will collect the insurance payout when the storage facility is torched?
As for ownership, and value, I'm not really sure who does own it, I think technically VTTS Trust are it's custodians under a long term lease agreement with NHMF??? Somebody must know!And it's last value, post flying was estimated at £750,000 as per this from VTTS.
"The last formal valuation of XH558 was carried out by an accredited US aircraft assessor in August 2011. At that time, the aircraft's market valuation as a flying aircraft was £6.5-8million. On 31st October 2008, the aircraft was valued at £3.3million. Since that time, we have depreciated the asset and on this basis, the residual value at the end of the last financial year, 31st October 2015, was assessed to be £2million.
However, the CAA Permit to Fly was withdrawn at the end of the 2015 calendar year, and so despite being technically able to fly, the aircraft was not permitted to fly. As the result, the Trust's business model changed, from flying a globally-unique heritage asset to having the aircraft as the still-serviceable centrepiece of a new visitor attraction and education facility. This change in the status of the asset has had an impact on its residual valuation.
Because of the nature of the asset, it is not possible to derive a market valuation. However, as a Board, we believe that we are properly qualified to decide on the value of XH558. The Board has taken the decision that as a unique heritage asset still in full working order, the aircraft should now be valued at £750,000 based on four core factors:
i) The aircraft has developed a loyal following of many thousands of supporters, and is planned to be central to a new innovative facility for inspiration and tourism with investment plans of between £15-30 million over the next five years, and a seven-figure revenue forecast.
ii) She is and will remain the best preserved all-British four-engined jet aircraft anywhere in the world still capable of powered ground runs.
iii) In 1997, the Ministry of Defence offered for sale the last airworthy Comet through Phillips, the auctioneers. The aircraft in question was Canopus, a reasonably well known aircraft, and the catalogue guide price was £400,000 to £600,000 on the basis that the aircraft was serviceable, and would not be simply a static museum exhibit. Canopus was offered with a range of spares, but by no means as comprehensive as XH558. Whilst Canopus was airworthy, as is XH558, it was known that she could not fly under civilian regulations.
Taking this example for guidance on the valuation of XH558, we note that Canopus was not offered with the benefit of proven feasibility, was of much lesser interest then XH558, and did not have the commercial potential attaching to XH558. We therefore believe that the Canopus example supports the Board’s valuation for XH558 of £750,000.
iv) XH558 has to be maintained in the current working state, albeit not flying, under the terms of the Trust's contract with the National Heritage Memorial Fund (NHMF) for a further 69 years. With the agreement of the NHMF, the £750,000 will be written down at the rate of £10,870 per annum.
Public access to the aircraft is primarily achieved through attendance at airshows and events or through visits to its permanent home at Robin Hood Airport."
There appears to be some speculation regarding that this latest episode may mean VTTS are in breach of the terms of the contract originally undertaken...??
Again, all very predictable really, their business model post-final flight was always pie-in-the-sky fantasyland stuff.
Article in the Daily Mail today with Dr Pleming saying -
"the problem is that, as public tours and events have been halted, there has been a huge drop in income. It's sad leaving here, it's sad that we've had to let quite a number of our team go. It's sad for the volunteers who've provided such amazing support for the tours but we're very hopeful of a bright future ahead of us."
Dr Pleming added: "I'm really confident that in about a year's time we'll be able to move into that new facility."
http://www.dailymail.co.uk/news/article-4181656/La...
"the problem is that, as public tours and events have been halted, there has been a huge drop in income. It's sad leaving here, it's sad that we've had to let quite a number of our team go. It's sad for the volunteers who've provided such amazing support for the tours but we're very hopeful of a bright future ahead of us."
Dr Pleming added: "I'm really confident that in about a year's time we'll be able to move into that new facility."
http://www.dailymail.co.uk/news/article-4181656/La...
Begging e-mail just in.
As a former contributor, I am sorry but no more.
The latest "hope" is that a developer will build and then "lease" a home "at a favorable rate...." for the aircraft. Just not going to happen.
I feel like I have been scammed for all my previous donations and that some sort of fraud has gone on. I mean Peel Holdings will try and fine you for stopping to read a "no stopping" sign so they ain't gonna give "favorable" terms. Also the hand wringing tone of the begging does not answer the questions about how the staff were treated nor how come they are breaking their own promise to keep showing her.
Pathetic!
As a former contributor, I am sorry but no more.
The latest "hope" is that a developer will build and then "lease" a home "at a favorable rate...." for the aircraft. Just not going to happen.
I feel like I have been scammed for all my previous donations and that some sort of fraud has gone on. I mean Peel Holdings will try and fine you for stopping to read a "no stopping" sign so they ain't gonna give "favorable" terms. Also the hand wringing tone of the begging does not answer the questions about how the staff were treated nor how come they are breaking their own promise to keep showing her.
Pathetic!
Me and my lad did the 'Vulcan Experience' last December. Whilst it was nice to see the Vulcan again, it was a pretty boring day out. We drove from Oxford and stayed overnight. All there is to see is the Vulcan and that's it. There is nothing else of interest on site, but there is a lovely garden centre just down the road which was (if I'm being honest) more interesting.
I was wondering how they can possibly make any money long term back then - it was an obvious failure waiting to happen. Such a shame.
I was wondering how they can possibly make any money long term back then - it was an obvious failure waiting to happen. Such a shame.
Sorry for the slight thread drift here but does anyone know what is happening to the Canberra both short and long term? It does look like from the side lines that if they have lost the engineering team then the chances of seeing her in the sky again are virtually zero. I hope I am wrong.
Fonz said:
Sorry for the slight thread drift here but does anyone know what is happening to the Canberra both short and long term? It does look like from the side lines that if they have lost the engineering team then the chances of seeing her in the sky again are virtually zero. I hope I am wrong.
What's scrap value for aluminium these days 
Fonz said:
Sorry for the slight thread drift here but does anyone know what is happening to the Canberra both short and long term? It does look like from the side lines that if they have lost the engineering team then the chances of seeing her in the sky again are virtually zero. I hope I am wrong.
Short term - nothing.Long term - probably nothing as well.
Total loss said:
Can we crowdfund a purchase and send it to Dr Pleming?Gassing Station | Boats, Planes & Trains | Top of Page | What's New | My Stuff