7 JUNE 2010
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CITY AIRLINE, based in Gothenburg, is to be sold to four members of its management team lead by current Managing Director Jimmie Bergqvist. Behind the buyout is a decision by the airline’s owner, 77-year-old Lars Magnusson, to shelve expansion plans including a number of new routes from Gothenburg Landvetter Airport during the autumn of 2010. The airline flies within Scandinavia and Northern Europe, and to Birmingham and Manchester in the United Kingdom. Mr Magnusson says that the problems associated with the Iceland volcano have put unprecedented strains on all airlines both in management and financial terms. He felt it was time to retire but will remain in an advisory capacity. www.cityairline.com
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