Air Southwest sale to generate 'big loss'
17.07.10
The owner of Air Southwest has said it expects to make a ‘significant loss’ on its sale, Bristol 24-7 reports. Plymouth-based Sutton Harbour Holdings put the airline up for sale in May because of spiraling losses caused by bad weather, the Icelandic ash cloud and the cost of launching new routes.
Sutton Harbour chairman Michael Knight told shareholders at the group’s AGM this week talks are continuing with a number of potential buyers, reported to include Eastern Airways and Flybe. He said: ‘We expected that a significant loss will be incurred on disposal of Air Southwest. This is disappointing but the board believes it is in the long-term interests of the company to focus on our strengths and to eliminate the volatility inherent in airline operations.’
Sutton Harbour's transport division, which includes Air Southwest and Plymouth Airport, made an operating loss of £3.94 million in the year to March 31. Air Southwest operates daily services from Bristol Airport to Leeds Bradford, Newquay, Plymouth, Manchester and Jersey.
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