Gill Airways folds as bank revokes funds

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.