CT2 has received a £6 million cash injection to
support its fledgling airline and fund acquisitions for the core tour
operation.
A private consortium led by northwest entrepreneur
Nigel Warr has secured a majority stake in the business through the investment.
The cash will initially be used to fund an Air
Operator’s Certificate for CT2’s AV8 airline and to lease aircraft.
Current AV8 flights are operated with two wet-leased Icelandair
Boeing 767s, using the Icelandic carrier’s AOC.
“AV8 will be central to our growth strategy,” said
Warr. “The group has a fantastic opportunity to exploit its existing customer
base to promote traffic through the airline and this will be a key priority.”
A CT2 spokesman added: “The group currently has
250,000 customers flying with other airlines. It makes sense to have them
flying on an in-house aircraft.”
The B767s are being used on short-haul routes for the
summer season, but will be moved to operate Manchester to Durban and Cape Town
services from September.
A leased B757 currently on AV8’s books will be
sub-leased to a third party for the rest of the summer season.
Warr, who made his fortune after selling
telecommunications company Eurocall to United Utilities, joins the company’s
board as executive chairman.
Group directors Brian Murfin and Stella Donnelly were
part of the investment consortium.
Murfin, who will continue in his role as chief
executive, said further investment would be made available to fund group
acquisitions.
A spokesman denied the group
was in financial difficulties before the investment.