European Aviation (Lessor) is close to reacquiring UK freighter operator European Cargo (URO, Bournemouth), which entered administration in June 2026, Sky News reports.
The company, controlled by former Formula One team owner Paul Stoddart, is reportedly expected to announce a rescue deal soon. Stoddart sold a 49% stake in European Cargo in 2022 and the remaining 51% in 2024, leaving Priority 1 Logistics, part of Priority 1 Group, as the airline's sole shareholder, which later went into liquidation as well in July 2026.
Administrators had been set to sell its portfolio of fifteen A340s and eighty-two Rolls-Royce Trent 500 engines. Air Cargo News reports that bids have been invited for six A340-600(P2F)s owned by sister company Priority 1 (P1) and kept in flight-ready storage; three A340-500s; a further six A340-600s in long-term storage; one A340-600 designated for spares; a substantial engine inventory; spare parts; the airline's UK air operator's certificate (AOC); Part 145 maintenance approval; Continuing Airworthiness Management Organisation (CAMO) approval; and the business as a going concern.
European Cargo was registered in December 2020, after beginning cargo operations in April that year in response to the UK's COVID-19 medical equipment transport requirements. It received its UK AOC in August 2021.
The carrier built its business around A340-600 passenger aircraft acquired from operators such as Virgin Atlantic and Iberia, initially using them as temporary freighters before obtaining certification for a permanent passenger-to-freighter (P2F) configuration.
The airline primarily operated e-commerce cargo services between China and the UK airports of Bournemouth and Teesside.
Neither European Aviation nor the administrators have commented publicly on the reported transaction.
