Shannon-based aircraft lessor Priority 1 has gone into liquidation. Damien Murran and Julian Moroney of Teneo Restructuring Ireland received appointment as joint provisional liquidators to Priority 1 Leasing Ltd, Priority 1 Leasing Holding Ireland Ltd and Priority 1 Logistics Holding LLC on 24 June 2026.
The group established just over a year ago held a portfolio of 15 Airbus A340 cargo aircraft, 82 Trent 500 engines and 9,000 spare parts.
The company headed by chief executive Dermot Manifold faced sustained financial pressure in recent years. Reduced flying activity, working capital constraints and increased fuel costs contributed to the situation. The administration of its Southampton based cargo airline European Cargo exacerbated the position. Priority 1 Logistics acquired full control of European Cargo in November 2024. European Cargo posted revenue of $136m (€119m) and a $26m net loss in 2024.
The liquidators will pursue a sale of the business and its assets to maximise value for stakeholders. They work closely with the administrators of European Cargo. They welcome expressions of interest from potential buyers for the aircraft portfolio. The Priority 1 Group experienced a period of sustained financial pressure in recent years resulting in a material deterioration of its financial position.
This has been driven by a number of factors including reduced flying activity, significant working capital constraints, increased fuel costs and ultimately European Cargo Ltd its UK based cargo airline going into administration. The immediate priority for the liquidators is to pursue a sale of the business and its assets with a view to maximising value for its stakeholders.
A written statement “The Priority 1 Group has experienced a period of sustained financial pressure in recent years resulting in a material deterioration of its financial position. This has been driven by a number of factors including reduced flying activity significant working capital constraints increased fuel costs and ultimately European Cargo Ltd its English based cargo airline going into administration.”
“We will be working closely with the administrators of European Cargo Ltd as we explore the sale of the business and assets of the group. We welcome expressions of interest from potential buyers for the business as well as its portfolio of aircraft many of which are airworthy and of distinguished quality.”
