Home Britain Stobart Group updates on UK government support for Flybe

Stobart Group updates on UK government support for Flybe

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Stobart Group Ltd (LON:STOB) has updated investors regarding the UK governments support of Flybe, and, the companys involvement via the Connect Airways business.

Connect Airways is 30% owned by Stobart, alongside partners Virgin Atlantic (30%) and Cyrus Capital (40%) which together previously acquired the assets of Flybe.

The London-listed company firm noted that the consortium provided £110mln of funds to Connect Airways, and, Stobart Group has invested £45mln – as a combination of cash and the sale of Stobart Air, Stobart Group's regional airline, and its aircraft leasing business, Propius.

“The Connect Airways consortium has worked tirelessly alongside Flybe and the UK Government to look for solutions to ensure the financial viability of the airline so that consumers can continue to have confidence in flying with Flybe,” the company said in a statement.

Stobart added that following discussions it has been agreed that the government will review the application of Airline Passenger Duty (APD), and a further update is intended at the time of the governments March budget.

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