Aircraft Investment

History

The Aircraft Investment Corporation Ltd was formed in July 1929 to deal in or build lighter- or heavier-than aircraft. Directors were: Andrew Holt (chairman), P. W. Pitt, H. C. Bevan, Ian W. W. Shepherd, Brian E. Lewis, Sir Henry Segrave, H. P. Holt and D. C. Tewson, with Sir Henry Segrave, the well-known pilot and sportsman, being the technical advisor. Among the backers were Sir H. Cunliffe-Owen, Lord Ashfield, Messrs. Gow & Parsons, brokers, S. B. Joel and R. O. Hambro.
This group had interests in Saunders-Roe Ltd and Blackburn, via the short-lived Blackburn Consolidated Ltd (1929 - 1931). Segrave designed (probably in the role of advisor rather than technical designer) the twin-engined Segrave Meteor 1, built by Saunders-Roe, known also as the Saro Segrave Meteor 1. As G-AAXP, it was entered for the 1930 Kings Cup race by Major Holt, piloted by Flt-Lt (later Sir Richard) Atherley and Flt-Lt Stainforth, of the RAF High-Speed Flight. Unfortunately, a fuel system problem caused the promising Meteor to return to Hanworth. After a few recommended modifications it was demonstrated at Croydon and Heston by the Corporation’s test pilot, Flt Lt J Armour.
Sadly, Segrave was not to witness the Meteor’s flights, having been killed in a Saro-built motorboat during speed record attempt earlier in 1930, but development of Meteor 1 was continued by Blackburn.

Company References

1. British Commercial Aircraft 1920-1940, Arthur W.J.G. Ord-Hume (GMS Enterprises, 2003)