Stephen and Peter Bond, who initially invested in the airline 25 years ago and became sole owners in 2012, have appointed advisors to review options for the sale of Loganair, the Sunday Times reports.
Loganair currently operates 80 routes, mainly in the UK and Ireland; it took on a portion of domestic connectivity – some 11 routes – following the collapse of Flybe shortly before the onset of Covid-19.
According to the Sunday Times, the Bonds have sunk "substantial" amounts of cash into the airline to weather the pandemic, with revenues doubling to £161 million in the year to March as travel bounced back. It is currently forecasting revenues of £240 million in the current financial year.
"After 25 years as investors in Loganair – initially as part-owners and since 2012 as sole owners – Stephen and Peter Bond have decided to appoint advisors to review options for the sale of Loganair," said Hinkles. "It could see them hand over the stewardship of Scotland’s airline to new owners by mid-2023."
Hinkles said Loganair was trading profitably and had repaid its Covid bank debt ahead of schedule. "It will very much continue to operate as it is today, with no changes to routes, services or employment," he continued. "Passenger numbers are growing and are 50% ahead of pre-pandemic levels, and our fleet renewal programme is also well advanced, continuing apace over the coming months.
"The Bonds – Stephen is now 72, Peter is 61 - are committed to finding the right future owner for Loganair, who will act as its custodian for the next generation, just as they and previous owners have done. In the meantime, they remain wholehearted supporters of Loganair until any process is successfully concluded."
