Aer Arran gets help

Stobart Plc, the listed UK transport operator, has confirmed an investment in Aer Arann, a move that should allow the Irish airline to exit examinership (the Irish version of US Chapter 11).  See AERBT Monday 30 August.  The move will give the company a “small stake” in Aer Arann in the form of a convertible preference share but would not involve it in the day-to-day management of the business.  It is understood that current owner, Galway businessman Pádraig O’Ceidigh, will continue to be Aer Arann’s majority shareholder and the management team, led by Chief Executive Paul Schutz, will remain in place.  The total investment in Aer Arann could top €4m, according to sources.

In December 2008 the Stobart Group acquired Southend Airport and is currently updating the operation significantly including the imminent opening of an on-site railway station with direct services to London Liverpool Street.  As part of the arrangement with Aer Arann (who are also an Aer Lingus franchise operator), the airline will introduce, as yet undefined, services from the airport next March. www.stobartgroup.co.uk

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