Stobart Group considers buying back Stobart Air

LONDON - Stobart Group mulls the acquisition of Stobart Air and Propius from EY, the administrators of Connect Airways.

Stobart Air and Propius were owned previously by Stobart Group and were sold to Connect Airways when that business was formed by the Stobart, Virgin and Cyrus to acquire FlyBe in February 2019. Neither Stobart Air nor Propius are themselves currently in administration.

"The Company confirms that it is reviewing all options in relation to the future of Stobart Air and Propius during this unprecedented time including the possibility of acquiring the businesses from the administrators", Stobart confirmed in a stock market filing. "A range of discussions are ongoing and there is no certainty that any transaction will take place."

The board of Stobart Group believes "that Stobart Air and Propius have a viable future after COVID-19 and that by working with Aer Lingus as franchise partner it can place the business on a secure footing and manage the impact of guarantee obligations in a controlled manner".