The group, which owns Southend Airport, said it requires additional liquidity to fund its short-term cash obligations and to enable it to build a strong foundation from which it can return its aviation business to growth.
Regional airline Flybe has gone into administration. Falling demand for air travel in the wake of the coronavirus outbreak was partially to blame, the carrier said in a statement.
Regional airline Flybe has said it will not comment on speculation it is facing renewed financial difficulties. According to Sky News, Flybe has been struggling to secure fresh finance.
Mark Anderson has been appointed chief executive of Connect Airways. Jointly owned by Virgin Atlantic, Stobart Group and fund manager Cyrus Capital Partners, the new entity will take control of struggling regional carrier Flybe.
A consortium led by Virgin Atlantic and Stobart Air has completed the takeover of stricken regional carrier Flybe. All Flybe assets and operations are now owned by Connect Airways and Flybe flights continue to operate as normal, according to a statement from the company.
Regional carrier Flybe has been saved from bankruptcy by a consortium of buyers including Virgin Atlantic and Stobart Group. Forming a new company, Connect Airways, the pair will join Cyrus Capital to acquire Flybe for a total of £2.2 million.
Cornwall Airport Newquay has confirmed that Stobart Air, a Flybe franchise partner, will add year-round services to London Southend starting in April next year.
Stobart Group has been unable to reach satisfactory terms for the takeover off Flybe, ending a potential deal between the two.
Stobart Group has confirmed an interest in acquiring part or all or regional airline Flybe following press speculation. The logistics group and Flybe have a range of shared interests arising from Stobart’s ownership of London Southend Airport and the growing franchise arrangements between the two groups’ airlines.
CityJet and Stobart Air have signed a partnership agreement, both airlines announced today. Commencing on December 1st 2014, Stobart Air will operate short-haul ATR regional aircraft on CityJet’s Cardiff to Edinburgh route – which is offered twice daily – and its Cardiff to Paris route, operating once a day.
Flybe has announced it has reached agreement with Stobart Air, a Stobart Group business, for a five year franchising agreement at London Southend Airport. Under this new agreement, Stobart Air (formerly Aer Arann) will operate new routes from London Southend Airport in partnership with Flybe.