Majority share of Stobart Air sold to Ettyl Limited

The majority shareholder of Stobart Air, Esken has sold its position in the company to the Isle of Man group, Ettyl Limited. The sale includes Stobart Air, which operates regional flights under a franchise agreement for Aer Lingus and Stobart Air UK Limited, the owner of Carlisle Lake District Airport.

Following a general meeting back in February, the Stobart Air Group decided to change its name to Esken. The airline has been up for sale since last year and currently has a fleet of 13 ATR aircraft which are based are airport around Ireland and also operates a number of flights to the UK.

Stobart Air has been a major franchise partner with Aer Lingus since 2010. However, with the contract due to expire in December 2021, Aer Lingus put the regional service for the UK and Ireland out for tender last September. Aer Lingus then awarded the regional franchise to Emerald Airlines, which was established in May last year.

In a statement seen by AeroNewsX, the Executive Chairman of Esken, David Shearer said “This has been a difficult and protracted process to conclude given the impact of the pandemic on air travel. Stobart Air remains a critical part of connectivity between Ireland and the United Kingdom and I am pleased that we have managed to secure the future of that business and its 480 staff under a new owner with ambitions to grow its network of routes.”

According to Esken, the impact of the extended lockdowns which halted most flight operations and the decision by Aer Lingus to award the franchise extension to another party led the company to make the decision to sell its majority shareholding in Stobart Air to Ettyl Limited.

The Chairman of Esken, formally known as the Stobart Air Group concluded by stated that “the sale of the airline presents a significantly better financial outcome than that resulting from a closure.” Before the pandemic, Stobart Air used to operate up to 940 flights across 43 routes in 11 European countries. It is unclear what plans Ettyl has for Stobart Air and Carlisle Lake District Airport, however, the sale will certainly be welcoming news for the 480 employees based at the carrier and the regional airport.

Source: https://aeronewsx.com/majority-share-of-stobart-air-sold-to-ettyl-limited/?utm_source=rss&utm_medium=rss&utm_campaign=majority-share-of-stobart-air-sold-to-ettyl-limited