Loganair Is Put up for Sale
The Bond brothers have owned Loganair (LM) for 25 years and have helped it become the UK's largest regional operator.
The Bond brothers have owned Loganair (LM) for 25 years and have helped it become the UK's largest regional operator.
DALLAS - Brothers Stephen and Peter Bond have announced that they are to sell their Scottish airline Loganair (LM).
The brothers, 72 and 61 years old, respectively, have owned the carrier for 25 years and helped LM to become the UK's biggest regional operator.
Peter Simpson, LM's Executive Chairman, told The Sunday Times newspaper, "It's been a success story in terms of where we've got to, and the shareholders now feel it's the right time to pass the baton onto new owners."
Arrowpoint Advisory has been appointed to look for a buyer. However, city analysts have said that the airline may have a relatively low value due to the current uncertainty in the aviation industry and LM's thin profit margins.
This comes after the airline doubled revenues to £161m (US$178.5m) and posted earnings of £9m (US$9.9m) in the year to March 2022. It is now forecasting revenues of £240 million (US$266m) and earnings of over £15m (US$16.6m) for the current financial year.
The Bond brothers took over the running of Loganair from British Midland (BD) in 1997. At the time, LM had a fleet of just one, 18-seater de Havilland Twin Otter and five, eight-seater Britten Norman Islanders in its fleet, plus just 44 employees.
Today, LM has a fleet of 42 aircraft, including Saab 340, ATR-42, de Havilland DHC-6 Twin Otter, and Embraer ERJ-135 and -145 regional jets. It currently operates a network of around 80 routes across the UK, Ireland, and Norway, and has recently announced a bumper summer 2023 schedule.
Featured Image: The Bond brothers have controlled the airline since the management buyout from British Midland (BD) in 1997. Loganair G-LGNH Saab 340B. Photo: Alberto Cucini/Airways
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