pounds 7m take-off for former footballer
Friday 15 May 1998
Terry Liddiard, who played centre-half for Headington United FC (the forerunner of Oxford United) in the old Southern League, will have a stake of around 7 per cent in British Regional Airlines, which is expected to be valued at pounds 100m.
Mr Liddiard, chief executive, and 1,450 staff at British Regional Airlines will own about 10 per cent of the business in total. The current owner of the group, the British Midland chairman Sir Michael Bishop, is reducing his holding from 90 per cent to just under 30 per cent through an institutional placing.
The flotation will raise about pounds 25m of new money, enabling British Regional Airlines to expand its operations rapidly with a fleet of Embraer 145 jets.
The group operates 86 routes under the Manx Airlines brand and as a franchisee of British Airways, and carried 2.5 million passengers last year. Mr Liddiard joined Manx as a founder director in 1982 when the airline was relaunched with just three aircraft, including a Vickers Viscount and a turboprop Fokker F27 on loan from a German museum.
It is already BA's biggest franchisee and the flotation is expected to see a further strengthening of its links with BA with British Regional Airlines taking over more BA services from Manchester and Southampton.
The group made pre-tax profits of pounds 3.8m on sales of pounds 165m last year but analysts are pencilling in profits of more than pounds 5m for the current year.
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...