Isle of Man firm set to take over Carlisle Airport and Stobart Air

Both were previously owned by Esken, a leading UK infrastructure company

Carlisle Lake District Airport and Stobart Air have been sold to Isle of Man-based firm, Ettyl Ltd.

Previous to the takeover, both the airline and hub were owned by leading UK infrastructure company Esken, formerly known as the Stobart Group. Stobart Air was bought for £2 plus the value of any cash on the balance sheet, with an extra £7.5m payable upon “the occurrence of certain trigger events” before 2024.

The airport was sold for £15m, with the addition of any cash on the balance sheet.

Carlisle Airport
Photo WikiCommons/Supmaboi

“We are delighted to have signed agreements for these acquisitions,” said Jason Scaled, chief executive officer, Ettyl Limited. “In the immediate term it will be very much business as usual in respect of both Stobart Air and Carlisle Lake District Airport’s operations and our deal ensures that the great teams within those businesses are retained.”

Jason goes on to say that further announcements are expected in the near future, as the company see potential for “increased regional connectivity” whilst economies begin to recover from the global pandemic. 

The firm have said that the existing Aer Lingus regional contract – which is presently obligated to run through until its completion date in December 2022 – will continue operating. According to the company, it is hoped that all staff currently employed by both the airport and carrier will retain their jobs.

David Shearer, executive chairman at Esken, also commented on the acquisition: “Stobart Air remains a critical part of connectivity between Ireland and the United Kingdom and I am pleased that we have managed to secure the future of that business and its 480 staff under a new owner with ambitions to grow its network of routes.”

Before the sale is complete, the infrastructure firm is set take back ownership of aircraft leasing company, Propius. The company will hold responsibility for the continuation of its lease obligations until April 2023. 

The sale is expected to be completed by early May 2021.