5 Dec 2016 13:10
5 December 2016
Stobart Group Limited
("Stobart" or the "Group")
Update on new routes at London Southend Airport
The Group recently acquired all of the interests of Invesco Asset Management Limited in its airline business, Stobart Air, and aircraft leasing business, Propius Holdings Limited ("Propius") and announced negotiations, which are progressing, to acquire the remaining 33% interest in Propius from Aer Lingus. Following these developments, the Board of Stobart has reassessed its strategy for the Aviation Division, in particular, its options for building new passenger routes at London Southend Airport ("LSA") and furthering the development of its Aer Lingus Regional franchise.
As a result, rather than proceed with a collaboration with CityJet, the Group has taken the decision to operate flights from LSA to up to 18 new destinations through Stobart Air's existing franchise arrangement with Flybe, under which it operates a number of routes into northern Europe. The new routes are expected to start in summer 2017 and to be available for sale by the end of this month. Negotiations with CityJet that could have resulted in a change in the ownership of Stobart Air have been terminated.
Enquiries:
Stobart Group Limited | c/o Redleaf Communications |
Andrew Tinkler, Chief Executive Officer Mark Adams, Chief Financial Officer
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Redleaf Communications | +44 207 382 4730 |
Charlie Geller Sam Modlin | Stobart@redleafpr.com |
Influence Associates | +44 207 287 9610 |
Stuart Dyble James Andrew
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