STOBART AIR, WHICH operates Aer Lingus’ regional service, has been sold to the Isle of Man firm Ettyl.
In a statement today, Stobart Air said it is pleased the transaction is now concluded and a new owner of the airline is in place.
“This transaction is a significant testament to, and endorsement of, the value Ettyl see in our airline, in our product, in the service we provide and importantly, in our people,” it said.
“Under new ownership, the airline is now well positioned to embrace new opportunities as markets return and economies begin to recover from the impact of the pandemic.
“Given the role we play and the service we provide in franchise flying and delivering regional connectivity, there is significant opportunity for growth and network development as we continue to operate the existing Aer Lingus Regional franchise through to 31 December 2022.”
Last year, in a joint letter with CityJet, the airline called for a six-month bailout from the government to ensure survival beyond the Covid-19 crisis. Stobart Air has been running a limited flight schedule due to the drop in demand during the pandemic.
In the letter to Finance Minister Paschal Donohoe Stobart Air’s Managing Director Andy Jolly and CityJet CEO Pat Byrne warned that regional airlines were not viable without a steady income.
The two airlines also warned that ongoing fixed costs were “eating away at evaporating cash reserves while aircraft sit on the ground with a dramatic collapse in revenues”.
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