Libra buys Helios

LIBRA Holidays Group has purchased Helios Airways for £2.3 million and revealed plans to expand its Cypriot tour operations by tapping into the airline’s flight network.

Helios flies 13 times a week to Cyprus from the UK during summer and has services from Cyprus to Sophia in Bulgaria and Warsaw in Poland – markets Libra also hopes to tap into.

Sales and marketing director Paul Riches said Libra Holidays has 12 Cypriot hotels and is looking to increase its business to the destination.

The sale of Libra’s 30% stake in Excel Airways last month for £30 million – it still owns a 4.6% share – means Libra "now wants to plough a lot of money back into operations”, added Riches.

Contracts with Excel will be honoured for the next five years. "We will continue to fill a percentage of Excel’s seats,” he said.

Helios’ UK staff, totalling 185 during summer, have been assured their jobs are safe in a letter from outgoing chairman George Mouskas.

Helios sales and marketing manager for the UK and Ireland Richard Ledger said Mouskas told employees his successor had plans to "expand activities” and buy more aircraft, but said staff had not yet received details of Libra’s plans.

"More than 100,000 people a year come to Cyprus on holiday so it will strengthen both parties. It is expected the total number of employees at Helios will increase,” Ledger said.

UK staff have been told they will move from their office in Edgware to Libra’s East Barnet office in December.

Ledger said he hoped Helios – which draws more than 90% of its business from scheduled flights and the rest from chartered services – would remain independent of Libra