Stobart Group to invest up to £9 million in Flybe rescue deal
Stobart Group has said it is contributing up to £9 million as part of the rescue deal for Flybe, the troubled airline it purchased a stake in last year. Flybe was saved from collapse on Tuesday evening following an agreement between the Government and Flybe’s owner Connect Airways, a consortium including Stobart, Virgin Atlantic and Cyrus Capital. Stobart Group said in a London stock exchange update that the Connect Airways turnaround plan for Flybe was impacted by a “delay in receiving control” of the business. Connect Airways, in which Stobart owns a 30% stake, announced its intention to acquire Flybe’s assets in January last year
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