From The Guardian:
The regional airline FlyBe has set an 18-month timeframe for a sale or flotation, after moving into the black with record half-year profits of £14m.
FlyBe, which is controlled by the family of the late Black burn Rovers tycoon Jack Walker, has acknowledged that its present ownership structure must change.
Its marketing director, Mike Rutter, said he believed trade buyers were unlikely but that a sale to venture capitalists or a public offering were strong possibilities. "An airline is not a classic asset for a family trust," said Mr Rutter. "We are looking forward to exploring, probably in 18 months' time, new ownership options for the business."
FlyBe yesterday published figures showing a shift from a £3.1m loss to a £14m pre-tax profit in the six months to Sep tember, aided by 14 new routes from bases in Exeter, Southampton and Belfast.
Mr Rutter said the airline had already experienced "a lot of private equity interest". He said it was publishing its financial results as part of an effort to shift towards the culture of a public company. But he said FlyBe would have to demonstrate a track record of profitability before actively seeking investors.
"We want to get a track record of profits behind us," said Mr Rutter. "The ownership issue is the reason we're starting to act like a public company."