IAG confirms Bmi Regional sale

10 May 2012 by BusinessTraveller

International Airlines Group (IAG) has confirmed the sale of Aberdeen-based carrier Bmi Regional to Sector Aviation Holdings Ltd for £8 million.

The sale is conditional upon CAA approval, but IAG says it anticipates ownership to be transferred within two weeks.

The deal includes all Bmi Regional’s fixed assets and long-term liabilities, including owned and operating lease aircraft – the carrier operates a fleet of 18 Embraer regional jets.

IAG CEO Willie Walsh said that the deal “provides a future for Bmi Regional and should secure around 330 jobs”.

Sector Aviation is a consortium of businessmen including Ian Woodley, founder of Business Air, a venture which was sold to Bmi in the 1990s and became Bmi Regional.

The business is being funded by Stephen and Peter Bond, who are also investors in Scottish airline Loganair.

The news comes as BA starts to integrate Bmi into its Heathrow operations. The carrier announced today that nine Bmi routes will move over to BA flight codes next week, and all Bmi flight sales will be undertaken through BA’s website and call centres - for more information click here.

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Report by Mark Caswell

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