From The Sunday TimesApril 13, 2008
Silverjet in talks with Lufthansa in their search for a buyer
Dominic O’Connell
DIRECTORS of Silverjet have held talks with Lufthansa and Gibraltar’s Bland Group in their search for a buyer for the Luton-based business-class airline.
Senior aviation-industry sources say cash constraints have forced the company to put its expansion plans on hold, with two new aircraft that were due to arrive this summer having been delayed. The company insisted yesterday the planes were on schedule, but it is understood they will remain with their current operator, the travel company Thomson.
Last week Silverjet told the stock market it was in discussions “that may or may not lead to an offer for the issued share capital of the company”. The company’s share price finished the week at 21p, valuing the airline at £13.5m. It floated on AIM in May 2006 at 112p, reaching a high of 209p in May last year.
The company has refused to comment on the identity of its suitors, but it is understood that directors have held talks with Lufthansa.
The German airline has looked at investment in Silverjet as a possible riposte to British Airways’ plans to operate services from continental cities this summer for the first time.
Directors have also attempted to drum up interest from Middle Eastern investors, and from the Bland Group, a family-owned Gibraltar investment company. It owned GB Airways, a BA franchise airline at Gatwick, before selling it to Easyjet last year.
The talks are thought to be only at an exploratory stage.
Silverjet in talks with Lufthansa in their search for a buyer
Dominic O’Connell
DIRECTORS of Silverjet have held talks with Lufthansa and Gibraltar’s Bland Group in their search for a buyer for the Luton-based business-class airline.
Senior aviation-industry sources say cash constraints have forced the company to put its expansion plans on hold, with two new aircraft that were due to arrive this summer having been delayed. The company insisted yesterday the planes were on schedule, but it is understood they will remain with their current operator, the travel company Thomson.
Last week Silverjet told the stock market it was in discussions “that may or may not lead to an offer for the issued share capital of the company”. The company’s share price finished the week at 21p, valuing the airline at £13.5m. It floated on AIM in May 2006 at 112p, reaching a high of 209p in May last year.
The company has refused to comment on the identity of its suitors, but it is understood that directors have held talks with Lufthansa.
The German airline has looked at investment in Silverjet as a possible riposte to British Airways’ plans to operate services from continental cities this summer for the first time.
Directors have also attempted to drum up interest from Middle Eastern investors, and from the Bland Group, a family-owned Gibraltar investment company. It owned GB Airways, a BA franchise airline at Gatwick, before selling it to Easyjet last year.
The talks are thought to be only at an exploratory stage.
