Stobart Air blames Covid for the collapse

Stobart Air blames Covid for the collapse

“Given the continued impact of the pandemic which has virtually halted air travel since March 2020 and in the absence of any alternative purchasers or sources of funding, the Board of Stobart Air must take the necessary, unavoidable and difficult decision to seek to appoint a liquidator,” the company said.  On Saturday Stobart Air said the funding for the deal “is no longer in place and the new owner is now unable to conclude the transaction”. Ettyl is owned by Jason Scales, an entrepreneur in his twenties based in the Isle of Man whose business interests include a cryptocurrency company. Scales said in a message posted to Twitter that he had “fought hard” to rescue the deal after “issues were flagged to do with an Ettyl funder”. 

It has most recently only been operating regional flights on behalf of Aer Lingus. Several flights from Belfast and Dublin airports were cancelled on Saturday as a result of its collapse. Before the pandemic it operated over 900 flights a week on 30 routes throughout Western Europe, but it was forced to reduce its schedules by 94 per cent during the crisis.

Esken, formerly known as Stobart Group, in April announced it would sell Stobart Air and Carlisle Lake District Airport to Isle of Man-based company Ettyl, but the following month warned the transaction was delayed following financing problems.  Founded in 1970, using turboprop aircraft along Ireland’s west coast, Stobart grew to become a relatively significant player in European short-haul charter flying.

Flybe collapsed last spring at the start of the crisis, while Cardiff airport has relied on cash support from the Welsh government to stay open. Source www.ft.com While major listed airlines have been able to raise billions of pounds to shield themselves from the downturn, smaller regional players without access to major sources of capital have been more vulnerable.

The aviation industry is enduring the worst crisis in its history, as travel has been severely restricted by border closures and government restrictions. Carlisle Airport, which is not handling any flights at the moment, would be retained and “all options” explored for its future, Esken said.

The News Highlights

  • Stobart Air blames Covid for the collapse
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
How AI can pave the way for next-generation banking and finance
How AI can pave the way for next-generation banking and finance
As AI becomes more prevalent, banks can use it to keep an eye on diminishing returns, gain better visibility on risks, address data management issues, avoid ...
One week left for homeowners, renters, and businesses to apply for federal disaster assistance
One week left for homeowners, renters, and businesses to apply for federal disaster assistance
FEMA and State specialists at the RSC can help survivors with appeals, answer questions about eligibility requirements, provide guidance on FEMA programs, ...
Gov. Chris Sununu Signs ‘Medical Freedom’ Immunization Bill
Gov. Chris Sununu Signs ‘Medical Freedom’ Immunization Bill
It does not, however, supersede the state law regarding vaccinations as a prerequisite for admission to school. That law lists seven required vaccinations ...
COVID death toll in India exceeds 400,000 - half died in second wave |  Coronavirus Pandemic News
Japan grants health benefits to victims of the ‘black rain’ of the atomic bomb
On July 14, the Hiroshima High Court upheld a lower court’s decision that the 84 are eligible for the same benefits as other atomic bomb survivors who were ...
Clubhouse has denied any data breaches and has not made the user’s phone number public
Clubhouse has denied any data breaches and has not made the user’s phone number public
In a statement to news agency IANS club house He denied these claims and said that “there is a series of bots that generate billions of random numbers.” ...
Lake County News, Calif. – Regional Health Officials Call for Vaccines, Address Vaccine Myths
Lake County News, Calif. – Regional Health Officials Call for Vaccines, Address Vaccine Myths
Reinfection is well documented. Infection with the virus creates an immune response for most people, but the response is not consistent from person to person. ...
Lordstown Motors takes on 'Voltage Valley' on a wild trip after financial uncertainty reveals
Skyworks Completes Acquisition of Silicon Labs Infrastructure and Automotive News | The business
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a ...
The iPhone 5C: The Underappreciated Trendy Phone!
Apple is said to have placed an order for over 100 million A15 processors for the iPhone 13 series
Apple expects higher iPhone 13 demand, reportedly orders more than 100 million of A15 Bionic chips As we start seeing iPhone 13 rumors more and more as the ...
The mental health of young adults worsened during the pandemic
The mental health of young adults worsened during the pandemic
“Moreover, 25% of young adults used substances to deal with the stress of the pandemic, and 75% had at least one mental or behavioral health symptom during the ...
Observe how the most costly iPhone 12 Pro Max repair is completed for three times less
Observe how the most costly iPhone 12 Pro Max repair is completed for three times less
Otherwise they could file a complaint to the FTC which is only searching for reasons to make an example of someone. One such creative fix is swapping just ...
Show next
Compsmag - Latest News from tech, business and health
Logo