Stobart Group Limited Update on new routes at London Southend Airport (9898Q)
December 05 2016 - 8:10AM
UK Regulatory
TIDMSTOB
RNS Number : 9898Q
Stobart Group Limited
05 December 2016
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
Redleaf Communications +44 207 382 4730
Charlie Geller Stobart@redleafpr.com
Sam Modlin
Influence Associates +44 207 287 9610
Stuart Dyble
James Andrew
This information is provided by RNS
The company news service from the London Stock Exchange
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