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Southend-2

Old 16th Jan 2020, 12:31
  #3781 (permalink)  
 
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The owners of SEN issued this statement recently. From it it can be seen that the owners have to pump additional funds into FlyBe which will mean a corresponding reduction of funds availabke for investment in the airport.Stobart Group, the aviation, energy and civil engineering group, provides the following update in relation to its investment in Connect Airways.



Connect Airways is made up of a consortium of shareholders encompassing Cyrus Capital (40%), Virgin Atlantic (30%) and Stobart Group (30%) that acquired the assets of Flybe. The shareholder consortium has to date provided 110m of funds to Connect Airways, and Stobart Group has invested 45m through a combination of cash and the sale of Stobart Air, Stobart Group's regional airline, and its aircraft leasing business, Propius.



The Connect Airways consortium has worked tirelessly alongside Flybe and the UK Government to look for solutions to ensure the financial viability of the airline so that consumers can continue to have confidence in flying with Flybe.



Following these discussions, it has been agreed that;

As announced, the Government will review the application of Airline Passenger Duty (APD), with the intention to provide a further update at the time of the March Budget.

The Government has further announced a review of regional connectivity. Government support for regional routes that connect key parts of the UK economy would further enhance the viability of UK domestic flight provision, as well as supporting economic growth in those regions.

The Connect Airways consortium has committed to providing Flybe further short-term funding with Stobart Group contributing up to 9m of capital, with the funds drawn down only if required.



Background to the investment in Connect Airways



The combination of Flybe with Stobart Air and Propius provides the opportunity to establish a compelling proposition with a comprehensive regional network in the UK and Ireland while enabling Stobart Group to concentrate on its strategic focus for developing airport and aviation services assets.



The investment further provided the potential for growth at London Southend Airport, which is in turn owned by Stobart Group. On 13 November 2019, Flybe announced its intention to offer flights to 10 destinations from London Southend Airport from Summer 2020. These destinations are expected to attract circa 500,000 passengers annually to London Southend Airport.



However, though the Consortium announced its intention to acquire the assets of Flybe in January 2019, it did not receive merger control clearance from the European Commission for its acquisition of Flybe until 5 July 2019. The delay in receiving control, coupled with a number of other factors including legacy issues, impacted on the delivery of the Consortium's turnaround plan for Flybe. This resulted in a situation in which a further injection of funds is required to ensure continued flying.


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Old 16th Jan 2020, 13:28
  #3782 (permalink)  
 
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Welcome back Wideroe - it's been a long time!
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Old 16th Jan 2020, 13:35
  #3783 (permalink)  
 
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and Stobart Group has invested 45m through a combination of cash and the sale of Stobart Air, Stobart Group's regional airline, and its aircraft leasing business, Propius.
Can't get my head round this comment - what is meant by the reference to the sale of Stobart Air and Propius? to whom - the new company? How does that work?

However, though the Consortium announced its intention to acquire the assets of Flybe in January 2019, it did not receive merger control clearance from the European Commission for its acquisition of Flybe until 5 July 2019. The delay in receiving control, coupled with a number of other factors including legacy issues, impacted on the delivery of the Consortium's turnaround plan for Flybe.
Surely the referral can't have been a surprise, nor the length of time the clearance would take?
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Old 16th Jan 2020, 13:57
  #3784 (permalink)  
 
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SWBKCB

Stobart contributed Stobart Air and Propius as assets to Connect Airways in return for their 30% shareholding. I don't know at what value and therefore if any actual cash was contributed at the start.
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Old 16th Jan 2020, 15:29
  #3785 (permalink)  
 
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Originally Posted by Expressflight View Post
SWBKCB

Stobart contributed Stobart Air and Propius as assets to Connect Airways in return for their 30% shareholding. I don't know at what value and therefore if any actual cash was contributed at the start.
The Stobart Group accounts and financial presentations are always murkier than mud but from memory I recall that the value of the airframes and AOC was 40m, given in lieu of a cash injection. For this Stobart received 30% interest in the new Connect Airways. Given the latest info in the statement today I assume that at some point Stobart put in another 5m in cash. This ties in with the total cash injected figure of 110m. Cyrus has 30% so would have put in 45m cash, Virgin has 40% so would have put in 60m. Stobart has 30% and put in 5m cash and 40m in assets.
If Stobart are liable for a further (maximum) 9m we can deduce that the short-term funding requirement to keep Flybe afloat is 30m shared pro-rata amongst the 3 shareholders.
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Old 16th Jan 2020, 15:38
  #3786 (permalink)  
 
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I thought it was Cyrus 40% and Virgin 30%? So what is the relationship between Flybe and Connect Airways i.e. what would have happened to Stobarts stake if Flybe had gone into administration?
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Old 16th Jan 2020, 16:28
  #3787 (permalink)  
 
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Correct....Cyrus 40%, Virgin 30% and Stobart 30% making 100%
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Old 16th Jan 2020, 17:57
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Originally Posted by Buster the Bear View Post
Tosca own nearly 12% now.
Gone up to 18.8% now, according to RNS.
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Old 16th Jan 2020, 19:18
  #3789 (permalink)  
 
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Originally Posted by Expressflight View Post
Welcome back Wideroe - it's been a long time!
54 years!

Nice sensible flight times and about 100 return. I can manage that but will have to save up for a couple of beers!

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Old 21st Jan 2020, 20:15
  #3790 (permalink)  
 
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I see that Flybe are now codesharing with Loganair on the Aberdeen route.

Codeshare flight numbers:

BE7461 ABZ - SEN
BE7462 SEN - ABZ

BE7467 ABZ - SEN
BE7468 SEN - ABZ

Last edited by tws123; 22nd Jan 2020 at 08:26.
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Old 22nd Jan 2020, 16:12
  #3791 (permalink)  
 
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Lourdes charters

Jota will be operating multiple charter flights to Lourdes on behalf of Tangney Travel, operating between 17 July 2020 and 2 October 2020. Appear to have at least 7 departure dates according to the source below.

www.tangney-tours.com/images/pdf/flights/Tangney-Tours-flight-dates-V3.1.pdf
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Old 25th Jan 2020, 20:40
  #3792 (permalink)  
 
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Originally Posted by Expressflight View Post
Welcome back Wideroe - it's been a long time!
The Norwegian airline will fly daily to the beautiful Kristiansand from 29th March!
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Old 26th Jan 2020, 09:30
  #3793 (permalink)  
 
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Originally Posted by DC3 Dave View Post
54 years!

Nice sensible flight times and about 100 return. I can manage that but will have to save up for a couple of beers!

They'll accept the deeds to your house as security for the beers..................
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Old 26th Jan 2020, 11:08
  #3794 (permalink)  
 
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AAIB report for Cessna 210 tow bar incident.
https://assets.publishing.service.go...CDMH_02-20.pdf
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Old 26th Jan 2020, 18:04
  #3795 (permalink)  
 
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What a fantastic report.. it show how aviation safety is one of the best systems in the world ..
no blame no squealing no scapegoating.. everyone being up front and honest and a simple cheap,solution,put in place. Oh and a reminder that when you have had a stressful day you take a moment to ‘get your sh.t together before you strap,in
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Old 26th Jan 2020, 20:54
  #3796 (permalink)  
 
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A runway inspection looking at the sky... Hmm. 🙄
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Old 26th Jan 2020, 23:43
  #3797 (permalink)  
 
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Obvious the prop doesn't reach the tow bar. Amazed the pilot didn't here the tow bar scraping along the taxiway and runway.
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Old 27th Jan 2020, 01:02
  #3798 (permalink)  
 
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Originally Posted by N707ZS View Post
Obvious the prop doesn't reach the tow bar. Amazed the pilot didn't here the tow bar scraping along the taxiway and runway.
I've read AAIB reports of GA pilots taking off with the tie down weights still attached to the wings. You would have thought the banging and scraping could be heard over the engine but apparently not.

To err is what humans do and to catch the errors before they become accidents is what we strive do to in the operational environment. The runway inspection should have picked up on the error made by the pilot but didn't. That's because the inspection was performed by a human, and he erred. As often happens in Aviation, a mistake was made, all involved survived, the AAIB identified the root causes and we all get to learn a valuable lesson. Painting tow bars in high visibility markings will help both pilots and runway inspection drivers less likely to make the same mistake again.
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Old 31st Jan 2020, 07:30
  #3799 (permalink)  
 
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Increased Train Usage at SEN

A report by Airport World says that 47% of passengers going through SEN between December 3 2019 and January 6 2020 used the train.

Of the remainder 24% were dropped off by friends/family and just 17% drove and parked at SEN. I suspect that the introduction of three Wizz destinations has contributed to the numbers using the train as this has increased from 33% a year earlier. The addition of early and late trains to the schedule will also have helped drive this increase.
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Old 31st Jan 2020, 11:21
  #3800 (permalink)  
 
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Originally Posted by Expressflight View Post
Increased Train Usage at SEN

A report by Airport World says that 47% of passengers going through SEN between December 3 2019 and January 6 2020 used the train.

Of the remainder 24% were dropped off by friends/family and just 17% drove and parked at SEN. I suspect that the introduction of three Wizz destinations has contributed to the numbers using the train as this has increased from 33% a year earlier. The addition of early and late trains to the schedule will also have helped drive this increase.
Stobart will be happy as 91% of the income from ticket sales to and from the airport is theirs. You have to take into account that they built the station and manage it, but it will continue to be a major revenue stream as the airport grows.
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