Ettyl 'fought hard' to rescue Stobart Air deal

Chief executive takes to Twitter to apologise

Manx company Ettyl says it 'fought hard' to rescue a deal with Stobart Air before the company stopped trading.  

It follows confirmation that plans to take over the company, its franchise agreement with Aer Lingus and the Carlisle Lake District Airport have been terminated.

Yesterday Stobart Air revealed it was grounding all Aer Lingus regional flights and calling in liquidators – it blamed the Covid-19 pandemic and a lack of funding for the Manx takeover bid. 

A statement released by the company said: "Last April Stobart Air announced that a new owner had been identified.  

"However it has emerged that the funding to support this transaction is no longer in place and the new owner is now unable to conclude the transaction.  

"Given the continued impact of the pandemic which has virtually halted air travel since March 2020, and in the absence of any alternative purchasers or sources of funding, the board of Stobart Air must take the necessary, unavoidable and difficult decision to seek to appoint a liquidator." 

Ettyl confirmed the deal was off adding: "In response to the decision of the board of Stobart Air, to appoint a liquidator to the business and to cease operations, our thoughts are with all the staff and passengers affected. 

"Ettyl Limited can confirm that it has received termination notices from Esken in respect of the proposed transactions for Stobart Air and Carlisle Lake District Airport." 

Ettyl chief executive Jason Scales also took to social media to add: "The past few weeks have been some of the most challenging I have ever experienced.  

"After issues were flagged to do with an Ettyl funder we fought hard to conclude a deal that rescued Stobart Air.

"My thoughts are with every amazing Stobart Air employee today. I’m sorry."  

The past few weeks have been some of the most challenging I have ever experienced.

After issues were flagged to do with an Ettyl funder, we fought hard to conclude a deal that rescued #StobartAir.

My thoughts are with every amazing Stobart Air employee today. I'm sorry.

J

— Jason Scales (@scalesjason) June 12, 2021

The Dublin route to and from the Isle of Man was operated by Stobart Air as part of a franchise agreement with Aer Lingus.

It stopped in March last year due to the Covid-19 pandemic.