Ettyl announces Carlisle airport and Stobart Air purchase

Ettyl Ltd is buying the airport from Esken

The sale of Stobart Air and Carlisle Lake District Airport has been announced.

Ettyl Ltd, which is based on the Isle of Man, has agreed a deal subject to bank consent, the firm said.

An Ettyl spokesman said the "intention is to retain all staff currently employed by" both the airline and airport and to keep "business as usual".

Both the airline and airport were owned by Esken, formerly the Stobart Group.

In a statement to the London Stock Exchange, Esken announced it had sold its shares in the airline to Ettyl for £2 "plus the value of any cash on the balance sheet payable at completion" along with a further £7.5m if "certain trigger events occur" before July 2024.

The airport was sold for £15m, Esken said, with the sale of the businesses "expected to complete" by early May 2021.

Ettyl said Stobart Air will continue to operate the existing Aer Lingus regional franchise that is currently contracted to run through to December 2022.

Jason Scales, chief executive officer at Ettyl, said: "We are delighted to have signed agreements for these acquisitions.

"In the immediate term it will be very much business as usual in respect of both Stobart Air and Carlisle Lake District Airport's operations and our deal ensures that the great teams within those businesses are retained."

David Shearer, executive chairman of Esken, said it had been a "difficult and protracted process" due to the impact of the coronavirus pandemic on air travel but he was "pleased" the sale was going ahead.

He said: "Stobart Air remains a critical part of connectivity between Ireland and the UK and I am pleased that we have managed to secure the future of that business and its 480 staff under a new owner with ambitions to grow its network of routes."