United Kingdom
United States
Asia Pacific
Shares suspended in EUjet parent company
Shares in PlaneStation, the parent of budget airline EUjet, were suspended yesterday throwing the operation into doubt.
The shares were suspended by the Financial Services Authority at the request of the company pending clarification of its financial position.
The suspension came came after Bank of Scotland reportedly withdrew support for the group.
EUjet, created by former Ryanair boss P J McGoldrick, started flying from Kent International Airport in Manston last September to 20 destinations.
Latest statistics from the airline for June show that its monthly bookings were down 10% to 29,590 over May but it achieved a new monthly high load factor of 55.8%. The carrier, which runs a fleet of four Fokker 100s, said its average fare last month was 70.67 euros, up from 60.65 euros in May. The airline has carried 306,388 passengers since its launch.
The airline’s commercial director Stuart McGoldrick was quoted by BBC News as saying: “We are due to operate 16 flights today. There are meetings taking place to see what happens next.”
A statement from PlaneStation said: “On June 28, 2005 the company announced that the passenger numbers of EUjet would fall below planned levels during the current year. As a consequence the cash requirements of EUjet would be greater than originally planned.
“The directors indicated that this shortfall in cash would be funded bya sset sales and at the same time announced that the company had entered into an exclusive agreement to dispose of 75% of its interest in Kent International Business Park.
“Until now, the directors had no reason to believe that support from its bank would not be forthcoming. However, discussions with the company’s bank over the last 48 hours have not been positive, and the company was informed this morning that the bank is no longer able to support the company with additional facilities.”
PlaneStation said a further announcement would be made in due course.
Report by Phil Davies
Related News Stories:
Phil Davies
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Tricia Handley-Hughes of Inteletravel announces the location for the TravelQuest 2025 conference
Insights from James Ferrara on Inteletravel’s Growth and Future
Tricia Handley-Hughes on Inteletravel’s Growth and Challenges
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Woman dies after getting ‘entangled’ in baggage carousel
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
BA pilot dies during layover
Boy falls to death on cruise ship