The firm looking to buy Stobart Air has called in the police to look at possible irregularities over finance arrangements for the deal.
Start-up virtual airline Ettyl has confirmed that it has raised concerns with the Isle of Man Constabulary about an issue with the paperwork supplied by one of its proposed third-party funders.
Stobart Air’s UK owner, Esken, had agreed to sell the airline and Carlisle Airport to Ettyl, led by 26-year-old self-styled entrepreneur Jason Scales – who has no track record in aviation – for £2, rising to to £7.5 million in 2024 depending on performance.
However, at the end of May Ettyl reported that its financing arrangements had collapsed and the company was looking elsewhere for funds.
Esken in Debt
Esken has filed net liabilities of €68.5 million at the end of March, including a loss of €36.8 million for Stobart Air in the last year.
The airline has operated at just 5 per cent of its usual schedule – with most of the service limited to publicly funded obligation routes between Dublin, Kerry and Donegal.
Once the sale to Ettyl is finalised, Esken is due to make a payment of £9.4 million and the settlement of its pre-completion liabilities of €30 milli0n.