Astraeus - 2
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Fons has purchased Astraeus
Among other things, it's being reported that they will start service from Scandinavia to the USA, via Iceland... Interesting competition for Icelandair...
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from Astraeus website
News
29 October 2006
Press Release - Sunday 29 October 2006
ICELANDIC INVESTMENT GROUP ACQUIRES 51% SHAREHOLDING IN UK AIRLINE ASTRAEUS
Fons Eignarhaldsfelag, the Icelandic investment company, has today entered into a binding agreement to acquire a majority shareholding in Astraeus, the niche UK airline based at London Gatwick with Aberdeen Asset Management and Astraeus Management. Aberdeen Asset Management is a major UK based Fund Manager with funds under management of US$140billion.
Fons is headed by Palmi Haraldsson and Johannes Kristinsson and has a number of aviation interests including Iceland Express. Palmi has a wide variety of other business ventures in the retail industry.
The arrangement will see Astraeus continue to operate its existing route structure from London Gatwick and Manchester, whilst at the same time providing back-of-house support and assistance to other airlines in Fons' expanding portfolio of investments. Exciting developments are in prospect, particularly in the Scandinavian arena, where Iceland Express has just announced an expanded route network of flights from Summer 2007.
Fons will invest £5 million to take a 51% stake in Astraeus. The remaining 49% of the shareholding will be held in equal portions by Astraeus' management and Aberdeen Asset Management, the private equity provider which supported the airline's launch in 2002.
"Today's announcement opens up fantastic opportunities for Astraeus," said Managing Director Hugh Parry. "The strong financial backing from Fons will enable us to press ahead with an exciting programme of development to extend Astraeus' route network and high quality of customer service into new markets. It will also enable us to benefit from economies of scale in purchasing, flight operations and technical areas by working with the other airlines under Fons' ownership."
Palmi Haraldsson, Chairman of Fons Eignarhaldsfelag, said "I'm delighted to have reached this agreement to acquire a majority shareholding in Astraeus. It is an exciting young company with a competitive cost-base and a track record of innovation across all areas of the business, whether in operational, technical or commercial terms. Its focus on niche routes ignored by other airlines is paying dividends, and with additional financial support, the potential for expansion is huge. I look forward to working closely with the whole Astraeus team to grow its business in the months and years ahead."
Neil Macfadyen, Investment Director of Aberdeen Asset Managers Private Equity, said "this is the start of a bright co-operation with Fons and we are delighted to have them on board as we progress our expansion plans in Astraeus."
[ENDS]
For further information, please contact:
Iain Macauley IMPR [PR advisor to Astraeus] Tel 07788 978800
[email protected]
Notes to Editors:
Astraeus is a niche airline based at London Gatwick, operating four Boeing 757 and two Boeing 737-700 aircraft on a range of flights serving markets in Africa, Europe, the CIS states and Canada. In addition to scheduled services to Sierra Leone, Ghana, Equatorial Guinea and Egypt, it operates a range of charter flights on behalf of leading independent tour operators. Its Boeing 757 aircraft are configured with only 201 seats (34 less than many other carriers' configurations) to provide enhanced legroom for all passengers.
It is launching the first ever direct services between the UK and the Cape Verde Islands on Thursday 2 November - early signs are very encouraging as the inaugural flight between London Gatwick and the islands' main international airport at Sal is already fully booked.
Astraeus' development plans include launching additional specialist flights to serve the oil & gas industry, and opening up new markets in West and East Africa, an area long neglected by other British scheduled carriers. It will introduce the first direct flights for over 20 years between London and Monrovia, the capital of Liberia, on December 13. Further announcements on new routes and service developments are expected in the near future.
The airline commenced operations in April 2002 and now employs 370 staff from its operating bases at London Gatwick and Manchester. Its turnover in the year to 31 October 2006 is expected to exceed £100 million.
29 October 2006
Press Release - Sunday 29 October 2006
ICELANDIC INVESTMENT GROUP ACQUIRES 51% SHAREHOLDING IN UK AIRLINE ASTRAEUS
Fons Eignarhaldsfelag, the Icelandic investment company, has today entered into a binding agreement to acquire a majority shareholding in Astraeus, the niche UK airline based at London Gatwick with Aberdeen Asset Management and Astraeus Management. Aberdeen Asset Management is a major UK based Fund Manager with funds under management of US$140billion.
Fons is headed by Palmi Haraldsson and Johannes Kristinsson and has a number of aviation interests including Iceland Express. Palmi has a wide variety of other business ventures in the retail industry.
The arrangement will see Astraeus continue to operate its existing route structure from London Gatwick and Manchester, whilst at the same time providing back-of-house support and assistance to other airlines in Fons' expanding portfolio of investments. Exciting developments are in prospect, particularly in the Scandinavian arena, where Iceland Express has just announced an expanded route network of flights from Summer 2007.
Fons will invest £5 million to take a 51% stake in Astraeus. The remaining 49% of the shareholding will be held in equal portions by Astraeus' management and Aberdeen Asset Management, the private equity provider which supported the airline's launch in 2002.
"Today's announcement opens up fantastic opportunities for Astraeus," said Managing Director Hugh Parry. "The strong financial backing from Fons will enable us to press ahead with an exciting programme of development to extend Astraeus' route network and high quality of customer service into new markets. It will also enable us to benefit from economies of scale in purchasing, flight operations and technical areas by working with the other airlines under Fons' ownership."
Palmi Haraldsson, Chairman of Fons Eignarhaldsfelag, said "I'm delighted to have reached this agreement to acquire a majority shareholding in Astraeus. It is an exciting young company with a competitive cost-base and a track record of innovation across all areas of the business, whether in operational, technical or commercial terms. Its focus on niche routes ignored by other airlines is paying dividends, and with additional financial support, the potential for expansion is huge. I look forward to working closely with the whole Astraeus team to grow its business in the months and years ahead."
Neil Macfadyen, Investment Director of Aberdeen Asset Managers Private Equity, said "this is the start of a bright co-operation with Fons and we are delighted to have them on board as we progress our expansion plans in Astraeus."
[ENDS]
For further information, please contact:
Iain Macauley IMPR [PR advisor to Astraeus] Tel 07788 978800
[email protected]
Notes to Editors:
Astraeus is a niche airline based at London Gatwick, operating four Boeing 757 and two Boeing 737-700 aircraft on a range of flights serving markets in Africa, Europe, the CIS states and Canada. In addition to scheduled services to Sierra Leone, Ghana, Equatorial Guinea and Egypt, it operates a range of charter flights on behalf of leading independent tour operators. Its Boeing 757 aircraft are configured with only 201 seats (34 less than many other carriers' configurations) to provide enhanced legroom for all passengers.
It is launching the first ever direct services between the UK and the Cape Verde Islands on Thursday 2 November - early signs are very encouraging as the inaugural flight between London Gatwick and the islands' main international airport at Sal is already fully booked.
Astraeus' development plans include launching additional specialist flights to serve the oil & gas industry, and opening up new markets in West and East Africa, an area long neglected by other British scheduled carriers. It will introduce the first direct flights for over 20 years between London and Monrovia, the capital of Liberia, on December 13. Further announcements on new routes and service developments are expected in the near future.
The airline commenced operations in April 2002 and now employs 370 staff from its operating bases at London Gatwick and Manchester. Its turnover in the year to 31 October 2006 is expected to exceed £100 million.
Join Date: Apr 2004
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Sorry to be picky, but could one of the mods change the spelling of the thread title. The correct spelling is Astraeus, not Astreaus, thanks, was just getting on my whick
Regards
Mike
Regards
Mike
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AEU Problems?
Hi Guys
Anyone have any inside info regarding Astraeus?
Just noticed their intended basing of a 737 at Leeds next summer has been scrapped and undercut by a BMI charter operation instead.
Do they have other contracts in place?
Thanks in advance.
Anyone have any inside info regarding Astraeus?
Just noticed their intended basing of a 737 at Leeds next summer has been scrapped and undercut by a BMI charter operation instead.
Do they have other contracts in place?
Thanks in advance.
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Nope,no signs of any trouble at AEU especially as we have just been partially bought out by an Icelandic company with significant equity. The cessation of LBA ops is just part of a restructuring of the company.
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As I understood the reason AEU pulling out of LBA was due to demands from Mytravel wanting to make more money per seat sold than previously, something that AEU were not able to meet and not to do with a company restructuring. If thats not the case then the crew were lied to.
Warning Toxic!
Disgusted of Tunbridge
Disgusted of Tunbridge
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It's apparently been a very bad year for UK tour operators. From what I can gather, whether the summer charter work at LBA has been profitable or not, it would appear it is viewed as not worth to the company the deployment of the resources involved, therefore it is a commercial decision that no tender for the contract was made. If Astraeus, running a very tight ship, does not find the contract remunerative, one can only hope that whoever does take it does not suffer a severe shock! It was run with tight crewing, resources and excellent equipment (737NG), and wth very high load factors. I can't think where additional savings could be made. Maybe Rumanian crew paid in Kwachas flying Ilyushins?
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MYT unhappy at the price that AEU were wanting for an ACMI 737-800 for next year. Found bmi which offered a capacity increase (A320 over B733) for less money. Simple economics.
Last edited by 14 loop; 6th Nov 2006 at 05:33.
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From todays' Reykjavik newspaper:
The British charter flight Astraeus, which flies out of Gatwick airport in the UK, has plans to apply for permit from the Icelandic Government to fly from Iceland to the United States. The flights will be in co-operation with Iceland Express. Iceland Express has already announced their plans to begin scheduling flights from Iceland to New York and Boston next spring, in direct competition with Icelandair.
Astraeus and Iceland Express are financially linked. Fons, the ownership company of Pálmi Haraldsson and Jóhannes Kristinsson, owns 51 percent share in Astraeus. They paid 650 million kronur for the shares. Fons also fully owns Iceland Express. The plan is to use Boeing 757 owned by Astraeus for the flights to the United States. Iceland Express does not own aircrafts but has a wide sales net and routes to Scandinavia. Iceland Express passengers from Scandinavia then have the possibility to fly to Iceland and then the United States and vice versa.
The British charter flight Astraeus, which flies out of Gatwick airport in the UK, has plans to apply for permit from the Icelandic Government to fly from Iceland to the United States. The flights will be in co-operation with Iceland Express. Iceland Express has already announced their plans to begin scheduling flights from Iceland to New York and Boston next spring, in direct competition with Icelandair.
Astraeus and Iceland Express are financially linked. Fons, the ownership company of Pálmi Haraldsson and Jóhannes Kristinsson, owns 51 percent share in Astraeus. They paid 650 million kronur for the shares. Fons also fully owns Iceland Express. The plan is to use Boeing 757 owned by Astraeus for the flights to the United States. Iceland Express does not own aircrafts but has a wide sales net and routes to Scandinavia. Iceland Express passengers from Scandinavia then have the possibility to fly to Iceland and then the United States and vice versa.
Warning Toxic!
Disgusted of Tunbridge
Disgusted of Tunbridge
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Mine too. All I can say from previous experience in aviation is 'enjoy it while it lasts'. Now is the time to get the gardening done, the decking fitted (OK, decking is sooo 2003 now, but you get my point?), because it won't be long before you're getting up day after day at 3.30 and working every day they can squeze in on your roster. Let the dog learn who you are again, and try and stop your kids running away when they see you- it won't last!