MIAMI – The owner of Stobart Air (RE), Stobart Group, has revealed its intention to sell the Dublin based airline.
In a statement made to the Irish Independent, the company said, “We can confirm that we are in early stage discussions with a number of parties, including Falko Regional Aircraft, regarding the potential sale of Stobart Group’s stake in Stobart Air and Propius,” it said in a statement to the stock market yesterday afternoon.
Stobart Group added that whilst talks were ongoing “There can be no certainty that any transaction will be forthcoming or whether acceptable terms will be agreed,”
Stobart Air Fleet
According to Planespotters.net, Stobart Air currently has a fleet of 16 aircraft. The fleet contains two Embraer E190, one ATR 42 and 13 ATR 72.
However, both E190 and two ATR 72 are currently “parked” according to the website. This is due to the lack of regional flight demand due to COVID-19.
Stobart Air-Aer Lingus
Rumors say the deal will be worth over €20m. However, this may depend on the group”s contract with Aer Lingus (EI) getting renewed.
The EI contract is currently the only source of work, with RE flying no routes of its own.
In the event that the contract is not renewed, it will end in 2022. RE would then be left with no work unless another contract materialized.
In April, Stobart Group reacquired full control of RE. At the time, the Group said its future intention was to work with EI to find a new form of financial support. The further support would then allow the Group to exit in a controled manner.
Who Is the New Buyer?
The rumored buyer for RE is Falko, an aircraft leasing company with offices in Dublin and Singapore. Falko is a large backer of CityJet (WX), another Irish carrier similar to RE.
Currently, WX operates flights on behalf of SAS. One assumes that if RR were acquired, there could be a tie-up between both airlines.
Featured image: Aer Lingus Regional, operated by Stobart Air, ATR72-600 reg. EI-FAT on the takeoff run at Bristol Airport. Photo: Adrian Pingstone.