Loganair owners 'halt' sale process for 'foreseeable future'

Stephen and Peter Bond announced their intention to sell the company last year, but say they are now taking it off the market.

Loganair shareholders halt sale process and remain ‘committed’ to development of the Scottish airline STV News

The sale of Scottish airline Loganair has been “halted,” its owners have announced.

Stephen and Peter Bond, said they will remain as the owners of the company for the “foreseeable future”.

The brothers, who have been sole owners since 2012, initially announced that advisers had been appointed to find a buyer for the business last year.

However, the pair have now said they are fully supportive of its progress and continued development – just as they have been over 25 years of engagement with Loganair.

Loganair 72-seat ATR72Loganair

Stephen and Peter Bond commented that “the suspension of the sale process allows the Company to complete the re-fleet programme and address the specific issues impacting the world-wide supply chain availability and costs.

“There has never been a time-bound reason for the sale of Loganair, and we remain committed to the Company until both the right time and custodian to acquire the Company is chosen,” they added.

A spokesperson for the airline said: “Loganair continues to trade profitably and free of debt – and Loganair’s management team welcomes Stephen and Peter’s ongoing commitment to supporting the airline, with which they have been involved for over 25 years.”

The fleet renewal programme is expected to be completed by the first quarter of 2024, with the airline’s final four Saab 340 turboprop aircraft leaving the fleet following delayed delivery of larger ATR72-600 Next Generation turboprops.

A multi-million pound refurbishment programme and upgrade of on-board systems for Loganair’s 13 Embraer 145 Regional Jet aircraft is also under way and will be completed over the next 12 months.

This comes after last year marked the first time the company had managed to make a profit since the pandemic.

The Glasgow-based company released its audited accounts for the financial year to March 31, 2022, setting out a profit before tax of £4.98m on a turnover of £161m.

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