GB Airways Chief Pilot Shafted
NSF
Excellent post, very informative methinks. However, wasn't it essentially the case that AP and the Ops Director NEVER did see eye to eye. Was it simply inevitable that something (or someone) had to give which has resulted in AP's departure.
He was a popular and respected Chief Pilot in the days of the B737. However, if I recall correctly the first he knew about his transfer to the A320 was when a new management stucture, instigated by the Ops Director presumably, was published and he saw his name down as "Airbus Tech Manager" ie. he was being demoted from the post of Chief Pilot.
Excellent post, very informative methinks. However, wasn't it essentially the case that AP and the Ops Director NEVER did see eye to eye. Was it simply inevitable that something (or someone) had to give which has resulted in AP's departure.
He was a popular and respected Chief Pilot in the days of the B737. However, if I recall correctly the first he knew about his transfer to the A320 was when a new management stucture, instigated by the Ops Director presumably, was published and he saw his name down as "Airbus Tech Manager" ie. he was being demoted from the post of Chief Pilot.
Join Date: Aug 2000
Location: UK
Posts: 35
Likes: 0
Received 0 Likes
on
0 Posts
BBK, since the BG era began, AP went form 'Chief Pilot' to 'Airbus Fleet Manager' to 'Airbus Tech Manager'.
I make that 2 demotions. The writing has been on the wall since the beginning.
NSF, well said and very representitive of the situation, sorry to see you go but best of luck at the new lot.
I make that 2 demotions. The writing has been on the wall since the beginning.
NSF, well said and very representitive of the situation, sorry to see you go but best of luck at the new lot.
Join Date: Mar 2000
Location: South Coast
Posts: 29
Likes: 0
Received 0 Likes
on
0 Posts
For Ferret info - yep, it's like this in most Airlines, only the degree varies, and that varies cyclically from airline to airline. New startups - great Ts and Cs, then shareholder and management profitshare take over, and everyone whinges and a lot of pilots who can, change employer.
HOWEVER, being ex-mil myself, it's probably a much better bet than any of the Services. One does not have to think very hard at all to remember the most appalling shaftings of people dead and alive to promote Senior Rank's careers. A case in point - well, think of the Mull of Kintyre for just one higher and publically known profile.
Sorry, hijacking the thread.
HOWEVER, being ex-mil myself, it's probably a much better bet than any of the Services. One does not have to think very hard at all to remember the most appalling shaftings of people dead and alive to promote Senior Rank's careers. A case in point - well, think of the Mull of Kintyre for just one higher and publically known profile.
Sorry, hijacking the thread.
Join Date: Jun 2001
Posts: 38
Likes: 0
Received 0 Likes
on
0 Posts
Rumour has it that AP also received an exceptionally large payout as part of a confidentiality agreement (as per the one that MS received a few years back)
Believed to be the major incident which was covered up by the MD, slippery, FSM and flight ops.... in which the DO took a 321 into Gib without CAA approval... or something like that.
From what I hear... it could be the end of GB's current management if it got out!
Believed to be the major incident which was covered up by the MD, slippery, FSM and flight ops.... in which the DO took a 321 into Gib without CAA approval... or something like that.
From what I hear... it could be the end of GB's current management if it got out!
From http://www.panorama.gi/ 13/04/04
"GB Airways profits take the plunge
Pre-tax trading profit of GB Airways has gone sharply downhill, with the latest available figures showing a decrease of more than half the previous accounting year.
The pre-tax trading profit for the financial year ending March 2003 was £5.19million compared with £12.91 million the previous year.
The company says that 'general uncertain economic conditions, the Iraqi conflict and its build-up and ongoing terrorist threats have all contributed to passenger uncertainty and a downturn in higher yield traffic.'
The sharp downtrend in pre-tax trading profit has arisen despite the airline carrying more passengers, having additional revenue in seat-kilometres and an increase in turnover.
The directors recommended a dividend for the year of £1.30 million.
£1 NOMINEE SHARE
According to the register maintained as required under the Companies Act 1985, no Director held any interest in the share capital of the company, with the exception of Mr Joseph J Gaggero who holds one ordinary £1 share as nominee of GB Airways UK Holdings Ltd.
At the year end Mr Joseph J Gaggero (who is their President) and Mr James P Gaggero (who is the Chairman) were also directors of fellow group undertakings incorporated in Great Britain which are required to keep a register of directors' interests. The directors were not therefore required to notify their interests in the shares of the fellow group undertakings to the company.
A note to the Profit and Loss Account says: 'There have been no recognised gains and losses attributable to the shareholders other than the profit for the current and preceding financial year and accordingly, no statement of total recognised gains and losses is shown.'
The accounts are signed by Mr James P. Gaggero on behalf of the Board of directors.
The company has 8 directors, with Mr J. Patterson being the managing director. Sr Guillermo Serrano, with an address in Madrid, was appointed in January 2003. The other directors are British.
The accounts for GB Airways UK Holdings Ltd, which show identical pre-tax profit and dividend to that of GB Airways Ltd, has three directors, the Gaggeros and Mr J.C. Hawkins who appears in both companies as director and also as secretary.
REGISTERED IN UK
The airline has long ceased to be a Gibraltar company. Its registered office is at the Beehive Building in West Sussex; its bankers are in Horley, Surrey; its solicitors are in London and its auditors are in Crawley.
GB Airways is a franchisee of British Airways
Who ultimately controls the airline?
There is a web of companies related to GB Airways Ltd, the directors saying that the company's ultimate parent company and controlling party is Jargo Holdings Ltd, which is registered in Guernsey, Channel Islands.
Meanwhile, the parent undertaking of the largest group of undertakings for which group accounts are drawn up and of which the company is a member is Bland Group Ltd, which is registered in Jersey, Channel Islands.
The accounts of Bland Group Ltd and Jargo Holdings Ltd are not publicly available.
In the year ended 31 March 2003, GB Airways Ltd made no payments in respect of aircraft subleases to its intermediate parent undertaking, GB Group Ltd, and owed £472,000 to GB Group Ltd.
The company has paid £112,500 in management fees to Bland Group Ltd, described as its ultimate parent, and also £774,000 in office rent to the same company.
Included within direct operating costs are charges of £256,000 from a fellow subsidiary, Airside Services (Gibraltar) Ltd. There was £25,000 owed to Airside (Gibraltar) Ltd.
Another fellow subsidiary, Cadogan Travel Ltd, received a standard industry commission on tickets sold by the company at a value of £2.67 million. These transactions were conducted on normal commercial terms. Nil outstanding.
Bland Ltd, a fellow subsidiary, also received a standard industry commission on tickets sold by them at a value of £2.34 million. The company was owed £91,000 by Bland Ltd.
The company has paid £29,000 in pound-for-pound payment for group tax relief in respect of losses transferred from Cadogan Travel Ltd, a fellow subsidiary. At 31 March 2003 the company was owed £7,000 from Cadogan Travel Ltd.
The company says it has taken advantage of the exemption in Financial Reporting Standard No.8 not to disclose transactions with its immediate parent undertaking GB UK Holdings Ltd."
LXGB
"GB Airways profits take the plunge
Pre-tax trading profit of GB Airways has gone sharply downhill, with the latest available figures showing a decrease of more than half the previous accounting year.
The pre-tax trading profit for the financial year ending March 2003 was £5.19million compared with £12.91 million the previous year.
The company says that 'general uncertain economic conditions, the Iraqi conflict and its build-up and ongoing terrorist threats have all contributed to passenger uncertainty and a downturn in higher yield traffic.'
The sharp downtrend in pre-tax trading profit has arisen despite the airline carrying more passengers, having additional revenue in seat-kilometres and an increase in turnover.
The directors recommended a dividend for the year of £1.30 million.
£1 NOMINEE SHARE
According to the register maintained as required under the Companies Act 1985, no Director held any interest in the share capital of the company, with the exception of Mr Joseph J Gaggero who holds one ordinary £1 share as nominee of GB Airways UK Holdings Ltd.
At the year end Mr Joseph J Gaggero (who is their President) and Mr James P Gaggero (who is the Chairman) were also directors of fellow group undertakings incorporated in Great Britain which are required to keep a register of directors' interests. The directors were not therefore required to notify their interests in the shares of the fellow group undertakings to the company.
A note to the Profit and Loss Account says: 'There have been no recognised gains and losses attributable to the shareholders other than the profit for the current and preceding financial year and accordingly, no statement of total recognised gains and losses is shown.'
The accounts are signed by Mr James P. Gaggero on behalf of the Board of directors.
The company has 8 directors, with Mr J. Patterson being the managing director. Sr Guillermo Serrano, with an address in Madrid, was appointed in January 2003. The other directors are British.
The accounts for GB Airways UK Holdings Ltd, which show identical pre-tax profit and dividend to that of GB Airways Ltd, has three directors, the Gaggeros and Mr J.C. Hawkins who appears in both companies as director and also as secretary.
REGISTERED IN UK
The airline has long ceased to be a Gibraltar company. Its registered office is at the Beehive Building in West Sussex; its bankers are in Horley, Surrey; its solicitors are in London and its auditors are in Crawley.
GB Airways is a franchisee of British Airways
Who ultimately controls the airline?
There is a web of companies related to GB Airways Ltd, the directors saying that the company's ultimate parent company and controlling party is Jargo Holdings Ltd, which is registered in Guernsey, Channel Islands.
Meanwhile, the parent undertaking of the largest group of undertakings for which group accounts are drawn up and of which the company is a member is Bland Group Ltd, which is registered in Jersey, Channel Islands.
The accounts of Bland Group Ltd and Jargo Holdings Ltd are not publicly available.
In the year ended 31 March 2003, GB Airways Ltd made no payments in respect of aircraft subleases to its intermediate parent undertaking, GB Group Ltd, and owed £472,000 to GB Group Ltd.
The company has paid £112,500 in management fees to Bland Group Ltd, described as its ultimate parent, and also £774,000 in office rent to the same company.
Included within direct operating costs are charges of £256,000 from a fellow subsidiary, Airside Services (Gibraltar) Ltd. There was £25,000 owed to Airside (Gibraltar) Ltd.
Another fellow subsidiary, Cadogan Travel Ltd, received a standard industry commission on tickets sold by the company at a value of £2.67 million. These transactions were conducted on normal commercial terms. Nil outstanding.
Bland Ltd, a fellow subsidiary, also received a standard industry commission on tickets sold by them at a value of £2.34 million. The company was owed £91,000 by Bland Ltd.
The company has paid £29,000 in pound-for-pound payment for group tax relief in respect of losses transferred from Cadogan Travel Ltd, a fellow subsidiary. At 31 March 2003 the company was owed £7,000 from Cadogan Travel Ltd.
The company says it has taken advantage of the exemption in Financial Reporting Standard No.8 not to disclose transactions with its immediate parent undertaking GB UK Holdings Ltd."
LXGB
Join Date: Mar 2002
Location: Gotham City
Posts: 29
Likes: 0
Received 0 Likes
on
0 Posts
Sir Kitt Braker,
If you don't work for GB how do you know AP.
Could it be that you failed to get a command in GB and pushed off to Ryanair?? You ever been a Chief Pilot or fleet manager? So how sharp are you?
If you don't work for GB how do you know AP.
Could it be that you failed to get a command in GB and pushed off to Ryanair?? You ever been a Chief Pilot or fleet manager? So how sharp are you?
