Stobart Air Gone
Reported by The Irish Independent online. Thoughts with all involved.
John Mulligan
March 18 2020 03:51 PM
“Connect Airways, the holding company behind Dublin-based Stobart Air, which operates the Aer Lingus Regional service, has fallen into administration in the UK, the Irish Independent has learned.
The move is linked to the recent collapse of Flybe. UK-based Flybe was also part of Connect Airways.
The administration means that accountancy firm EY now controls Connect and 49pc of Stobart Air. The other 51pc of Stobart Air is owned by its more than 400 staff.
Connect Airways is 30pc-owned by the listed UK Stobart Group. Virgin Travel Group, a subsidiary of Virgin Atlantic, also has a 30pc stake, while US firm Cyrus Equity Partners owns 40pc.
Yesterday, Stobart Group, whose CEO is Warwick Brady, warned investors that it’s evaluating how to manage liabilities it has to Stobart Air”.