UK regional airline, Loganair, which flies from Glasgow and the Scottish islands to UK and European destinations, has been put up for sale.
The airline, founded by Willie Logan in 1962, has been majority owned by two brothers helicopter entrepreneurs Stephen and Peter Bond since 2012. The business is being sold as a trading airline, which it is hoped the new owner will continue to operate in its current form. The Bond brothers hope to find a buyer by mid-2023.
Loganair chief executive Jonathan Hinkles said: “After 25 years as investors in Loganair – initially as part-owners and since 2012 as sole owners – Stephen and Peter Bond have decided to appoint advisors to review options for the sale of Loganair. It could see them hand over the stewardship of Scotland’s Airline to new owners by mid-2023.”
Hinkles noted that the airline is trading profitably and had repaid its COVID-19 bank debt ahead of schedule.
“Passenger numbers are growing and 50% ahead of pre-Pandemic levels, and our fleet renewal programme is also well-advanced, continuing apace over the coming months,” he said.
He continued: “The Bonds – Stephen is now 72, Peter is 61 – are committed to finding the right future owner for Loganair, who will act as its custodian for the next generation, just as they and previous owners have done.
“In the meantime, they remain wholehearted supporters of Loganair until any process is successfully concluded.”
Loganair, which carries more than a million passengers a year on up to 1,000 flights a week, operates a 44-strong fleet of aircraft and employs more than 900 staff.