Stobart Air Says it is no longer interested in Purchasing FlyBe

The Stobart Group, which owns Irish carrier Stobart Air, has formally stated that it has ended interest in purchasing FlyBe. The company, which already owns London Southend International Airport in London, revealed in February that it was in talks to acquire FlyBe. Although the Stobart Group was highly interested in acquiring the Exeter-based however it stated this month that it had been 'unable to reach [an] agreement on satisfactory terms'.

The Stobart Group also said, "The board of Stobart Group has determined that it is not in its shareholders' best interests to increase its latest proposal for FlyBe above the level which was rejected by the board of FlyBe. Given this, [the] Stobart Group confirms that it does not intend to make an offer for FlyBe". Responding to the Stobart Group, FlyBe said, "The group remains highly confident in the prospects of FlyBe and believes that the group continues to have an exciting future as an independent company, delivering the Sustainable Business Improvement Plan as set out in June 2017. This plan is focused on driving sustainable profit and cash generation and will see the fleet size reduce to an optimum level for the number of identifies profitable routes and make the business demand-driven rather than capacity-led".

Stobart Air and FlyBe already have a franchise agreement and both parties said that they will continue to work together on this agreement.

All photos from flickr.com