Aer Lingus today announced the sale of Futura, its Spanish-based charter airline subsidiary. The sale of 80% of the company, is to the management team in Futura supported by a Spanish-based private equity company, Corpfin Capital. Aer Lingus is retaining a 20% interest in the business as a financial investment.
Confirming the conclusion of the sale agreement, Aer Lingus Chief Financial Officer, Brian Dunne said: “I am pleased to announce the sale of Futura on satisfactory terms for Aer Lingus. As part of the Aer Lingus Survival Plan it was decided to focus exclusively on the core scheduled airline business. Following the disposal of a number of other non-core assets over the past year, the sale of Futura is a significant step in the completion of this strategy. Futura has made a positive contribution to Aer Lingus for a number of years. It has a significant niche in the charter business with a good brand and strong reputation in key markets. I wish the business well in the future.”
During the past year Aer Lingus has sold Aviation Services (Ireland) Limited, Timas (Galileo Ireland), two aircraft, a number of freehold and leasehold properties and the company`s collection of art. The improved trading position of the airline, together with a number of financial restructuring steps, have led to a significant improvement in the cash position of Aer Lingus.
Brian Dunne concluded: “The sale of Futura concludes a very significant period in the financial restructuring of Aer Lingus. Through a number of measures taken by the airline our overall financial position is much stronger than a year ago. As we build on the commercial progress achieved over the same period, it will be necessary to continue to strengthen the financial base of the company so that we can develop the business with confidence.”