GILL
Airways has come out of administration following a management buy-out.
The
Newcastle-based airline, which had been in administration since February 2000,
is to receive £4 million of investment from the Bank of Scotland.
Chief
executive Malcolm Naylor, who led the buy out, said: “I’d like to say a huge
thank you for the support of our staff, local suppliers, travel agents, the
travelling public and our administrators, Arthur Anderson and Co. Without their
support we would not be announcing what I believe is excellent news.”
Gill was
put into administration at the request of its directors. Prior to that time the
main shareholder in Gill was venture capitalist company 3i.
Over the
past 14 months staff numbers have fallen from 500 to 300 and the aircraft fleet
has been halved to nine.
The
airline now plans to develop new routes and build on its partnership with Air
France.