New owners could take over Loganair by next summer after the Scottish regional was put up for sale.
The carrier confirmed that advisers had been appointed to find a buyer for the Glasgow-based business.
Owners Stephen and Peter Bond, who are brothers, have been sole owners of the airline since 2012 and reportedly provided “substantial” financial support during the pandemic.
They previously partly owned Loganair for a further 15 years.
Loganair chief executive Jonathan Hinkles said: “After 25 years as investors in Loganair – initially as part-owners and since 2012 as sole owners – Stephen and Peter Bond have decided to appoint advisors to review options for the sale of Loganair. It could see them hand over the stewardship of Scotland’s airline to new owners by mid-2023.
“The airline is trading profitably and has repaid its Covid-19 bank debt ahead of schedule. It will very much continue to operate as it is today, with no changes to routes, services or employment. Passenger numbers are growing and 50% ahead of pre-pandemic levels, and our fleet renewal programme is also well advanced, continuing apace over the coming months.
“The Bonds – Stephen is now 72, Peter is 61 – are committed to finding the right future owner for Loganair, who will act as its custodian for the next generation, just as they and previous owners have done.
“In the meantime, they remain wholehearted supporters of Loganair until any process is successfully concluded.”
The UK’s largest regional airline employs 900 staff and serves more than 40 destinations.
Executive chairman Peter Simpson told the Sunday Times that the company was taking a “cautious approach” to passenger demand but added: “We do see the recovery cycle continuing.”
He said Loganair had recently repaid a Covid-era government loan of £25 million ahead of time and was trading “free of any bank debt”.
“It’s been a success story in terms of where we’ve got to, and the shareholders now feel it’s the right time to pass the baton onto new owners.
“One of the benefits we’ve had is to be small enough to be fleet of foot — where opportunities come up, we’ve worked very quickly to move into them.”
Loganair took over 11 regional routes following the collapse of Flybe before the rival regional airline was relaunched.