Ettyl from Isle of Man flies to Stobart Air
ESKEN, the owner of Aer Lingus regional operator Stobart Air, has confirmed that it is in advanced talks to sell the Dublin-based carrier to Isle of Man-based Ettyl.
he Irish freelance revealed last month that Ettyl had entered the race to acquire Stobart Air.
Esken, formerly Stobart Group, pledged last year to have sold Stobart Air by the end of February this year. A sale has not yet been concluded.
Esken said in a statement today that he is also in talks with Ettyl to sell Carlisle Airport.
“There can be no certainty that an agreement will be made or that the transaction will close as it remains subject to final contract questions and approvals,” Esken said.
Ettyl is headed by Jason Scales, who founded the virtual airline last year. He also runs a shared office center called The Hubb on the Isle of Man. He is listed in company documents as being the sole shareholder in Ettyl when it was formed around the same time last year.
It is believed that if successful in his bid to buy Stobart Air, Ettyl would retain the carrier’s headquarters in Dublin and its key management team, including chief executive Andy Jolly.
It is believed that Ettyl may be ready to inject up to € 25million into Stobart Air.
It is not known at this stage where Ettyl’s funding will come from.
The final say on the buyer of Stobart Air will effectively rest with Aer Lingus as the Aer Lingus Regional contract operated by Stobart Air does not expire until the end of 2022.
Last November, businessman Conor McCarthy Emerald Airlines was named the preferred bidder to operate the Aer Lingus Regional contract upon expiration of the Stobart Air contract. Mr. McCarthy is also the owner of the aircraft maintenance company Dublin Aerospace.
It is believed that if Ettyl succeeds in its bid to buy Stobart Air, it plans to use around three aircraft from the carrier’s fleet to operate domestic routes in Britain from the summer to generate cash flow. additional.
Stobart Air currently has a fleet of 13 ATR turboprop aircraft, but due to the impact of the pandemic it operates a limited schedule which includes public service routes to Dublin from Donegal and Kerry, as well as some services from Belfast.
Esken has commitments of around $ 100 million attached to Stobart Air through a connected leasing company called Propius.