Investor in talks to buy Irish airline CityJet

Bidder is not an airline but has background in the aviation business

According to the reports yesterday, talks are ongoing but a deal has yet to be concluded.

According to the reports yesterday, talks are ongoing but a deal has yet to be concluded.

 

Airline CityJet is understood to be close to being sold for the second time in as many years.

Reports yesterday said that the commuter and short-haul carrier is in talks to bring in fresh investment in a move that will see current owner, Intro Aviation, sell the business.

CityJet did not comment on the reports.

It is understood that the new owner is not an airline but an investor with a background and experience in the aviation business.

According to the reports yesterday, talks are ongoing but a deal has yet to be concluded.

German-based Intro bought the Irish airline in early 2014 from Air France-KLM following a drawn-out sales process that began in 2012.

Following that it cut out a number of loss-making routes.

Founder and former chairman Pat Byrne returned to the airline as executive chairman in February of this year.

Experienced aviation executive Cathal O’Connell joined the company as chief commercial officer from BMI Regional.

Figures published recently show that CityJet reduced its pretax losses by 21 per cent last year to €30.5 million, a period when the company ceased to be owned by Air France-KLM.

Delivery

In October, the airline placed orders for 23 new aircraft in a €900 million deal backed by financier Falko.

The company has placed a firm order for 15 craft with an option for a further 10.

It will take delivery of the first four in 2016 and a further 11 the following year.

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