Icelandic group acquires majority of Astraeus

Saturday, 15 Nov, 2006 0

A majority shareholding in independent UK airline Astraeus has been acquired by an Icelandic investment company.

Fons Eignarhaldafelag has a number of aviation interests including budget carrier Iceland Express.

Fons has taken 51% of Astraeus for £5 million, with the remainder being held by the airline’s management led by managing director Hugh Parry and private equity provider Aberdeen Asset Management. 

Gatwick-based Astraeus operates four Boeing 757s and two 737s and employs 370 staff.

Parry said: “The strong financial backing from Fons will enale us to drive an unprecedented programme of development to extend Astraeus’ route network into new markets.

“It will also allow us to benefit from economies of scale in purchasing, flight operations and technical areas by working with other airlines under Fons’ ownership.”

Fons chairman Palmi Haraldson said: “Its focus on niche routes ignored by other airlines is paying dividends, and with additional financial support, the potential for expansion is huge.”

Report by Phil Davies



 

profileimage

Phil Davies



Most Read

Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know

Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham

Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago

Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research

Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact

Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference

Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role

Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal

Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination

Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness

Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future

Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
TRAINING & COMPETITION
Skip to toolbar
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...