Flybe share sale

With the sale of its 48% holding last week in Flybe by Rosedale Aviation (see BTN 11 November) another historical landmark has been reached by the Exeter-based airline.

Rosedale Aviation Holdings, is the family trust of the former Blackburn Rovers owner, steel magnate Jack Walker, who initially financed the carrier when it was known as Jersey European Airways. 

New CEO Saad Hammad commented:  “This transaction marks another milestone in Flybe’s history. I would like to thank Rosedale Aviation for their support over many years.  I would also like to take this opportunity to welcome aboard our new shareholders and thank existing investors who have increased their holding as part of this transaction.

“As I reported in our half year results on Monday 11 November, the economic environment remains challenging and all airlines face risks and uncertainties.  I believe, however, that the turnaround of Flybe is gaining momentum.  The immediate actions announced in our results will incur significant transitional costs, but will deliver a full payback over the next two years.  The Board is confident that these initiatives will put the Group on a firm foundation for performance improvement and future growth". 

The airline has also announced the closure of bases at Aberdeen, Guernsey, Inverness, Isle of Man, Jersey and Newcastle.  www.flybe.com

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