Management buy out secures Gill Airways future

GILL Airways has come out of administration following a management buy-out.

The Newcastle-based airline, which had been in administration since February 2000, is to receive £4 million of investment from the Bank of Scotland.

Chief executive Malcolm Naylor, who led the buy out, said: “I’d like to say a huge thank you for the support of our staff, local suppliers, travel agents, the travelling public and our administrators, Arthur Anderson and Co. Without their support we would not be announcing what I believe is excellent news.”

Gill was put into administration at the request of its directors. Prior to that time the main shareholder in Gill was venture capitalist company 3i.

Over the past 14 months staff numbers have fallen from 500 to 300 and the aircraft fleet has been halved to nine.

The airline now plans to develop new routes and build on its partnership with Air France.