Loganair is put on the market

Regional airline Loganiar has been put on the market.

Majority owners, brothers Stephen and Peter Bond, have supported the business for the last quarter of a century.

Loganair’s chief executive Jonathan Hinkles told The Shetland Times today (Sunday):“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.”

He added: “The airline is trading profitably and has repaid its Covid-19 bank debt ahead of schedule.   It will very much continue to operate as it is today, with no changes to routes, services or employment.  Passenger numbers are growing and 50 per cent ahead of pre-pandemic levels, and our fleet renewal programme is also well advanced, continuing apace over the coming months.”

“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.”

The brothers, who have been firmly involved in the aviation industry for decades, are now looking for a buyer through Arrowpoint Advisory, according to The Sunday Times.

The airline is reported to have doubled revenues to £161 million and posted earnings of £9m in the year to March, as it recovered from the devastating impact of the pandemic. It is forecasting revenues of £240m and earnings of more than £15m in the current financial year.