bmi confirms plan to sell bmi Regional
bmi has today (28-Oct-2011) confirmed that it is in advanced discussions to sell bmi Regional to a UK based investor group previously associated with the regional business. The sale would be in the form of shares of bmi Regional, all assets used in the bmi Regional business including the aircraft fleet, the existing regional route network and the continued employment of the existing staff.
It is envisaged that transaction documents will be signed shortly and subject to achieving all regulatory approvals, and after having conducted staff consultations, the target completion date will be before the end of this calendar year.
bmi Regional will continue to fly in an interim period under its existing brand name and offer the BD flight code. The currently published winter 2011/2012 schedule will continue as planned and no major network changes are envisaged for summer 2012. Customers will continue to be able to book flights via flybmi.com and the bmi call centre. Tickets already booked will be fully honoured on existing terms.
The airline will operate from the current head office in Aberdeen and its bases already established in the UK.
The intended buyer has indicated that it is keen to consult with staff and this process will start shortly to enable the transaction to complete as soon as possible. Once the consultation is under way a further announcement will be made. The new owner plans to continue the airline as an independent entity based in Aberdeen and to further develop the regional network in both the UK and Europe.
bmi and the buyer have agreed not to disclose any financial aspects of the transaction.
Wolfgang Prock-Schauer, chief executive officer, bmi, said:
"The intended sale of bmi Regional is part of the strategic review of bmi. It is our goal to find sustainable solutions for all parts of the bmi business and we as well as the shareholder continue to assess options.
"We are pleased by this development that bmi Regional will be an independent airline with management dedicated to developing the regional business. Employment prospects will be enhanced through a planned growth strategy.
"bmi intends to cooperate with the buyer and we will give them our full support including commercial co-operation. Following the proposed sale, customers will continue to benefit from bmi Regional's convenient schedules, a wide choice of destinations within the UK and Europe and a high level of service".