Loganair, the UK’s largest regional airline, has confirmed that it will remain under the ownership of Stephen and Peter Bond after the brothers suspended their search for a buyer that began a year ago.
Despite initially hoping to find a buyer by the middle of 2023, the brothers will now remain as owners of the airline “for the foreseeable future”, continuing their sole ownership that began in 2012, after 15 years of part-owning the company.
The Bonds stated that suspending the sale would allow them to focus on completing Loganair’s fleet renewal programme, saying: “There has never been a time-bound reason for the sale of Loganair and we remain committed to the company until both the right time and custodian to acquire the company is chosen.”
Loganair’s fleet renewal has seen the replacement of its Saab 340 turboprop aircraft and is expected to be completed by Q1 2024 with the delivery of ATR 72-600 next-generation turboprops to replace the final four 340s.
The Scottish airline is also carrying out a multi-million-pound refurbishment programme that will upgrade the onboard systems of its 13 Embraer 145 aircraft over the next 12 months.
A Loganair spokesperson said: “Loganair continues to trade profitably and free of debt and Loganair’s management team welcomes Stephen and Peter’s ongoing commitment to supporting the airline, with which they have been involved for over 25 years.”
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In addition to the fleet upgrade efforts, the Bond brothers also said that suspending the sale would allow them to work on helping the airline address the supply-chain issues affecting the global aviation industry.
The airline’s efforts to renew and upgrade its aircraft fleet match predictions made by Boeing during its Commercial Market Outlook report, where the manufacturer said that airlines would be replacing half of their existing fleet with new, fuel-efficient models.