GILL Airways has ceased trading with the loss of 240 jobs.
The Newcastle-based carrier was forced into
liquidation after the Bank of Scotland withdrew funding. A spokesman for Gill
said a rescue was impossible and the airline would fold.
Management was shocked by the bank’s sudden decision as it
claimed Gill was trading profitably. However, the bank, which injected £40
million into the carrier in April (Travel Weekly, April 30), said the airline
was in a loss-making position and had not come up with a profitable plan.