Wednesday 25 April 2018

Tinkler is named new chairman at Stobart Air group

The former Stobart Group chairman Tim Jeans, pictured during his time with Ryanair
The former Stobart Group chairman Tim Jeans, pictured during his time with Ryanair
John Mulligan

John Mulligan

Stobart Air has appointed Stobart Group chief executive Andrew Tinkler as its new chairman following the sudden departure of former Ryanair executive Tim Jeans from the role he'd held for just six months.

And Stobart Air has moved to shore up its board by also appointing legal advisor Jonathan Brown to the board. He's been appointed a director of companies connected to Stobart Air, including Everdeal Holdings, its ultimate parent.

Mr Brown is the legal director with Liverpool corporate law firm Hill Dickinson, and has previously advised the UK-based Stobart Group on a number of transactions.

Company records also show that Yvonne Deeney has just been appointed as a director of Stobart Air companies including Everdeal Holdings. But her appointment as a director has only just been confirmed this month at the Companies Registration Office, despite the fact that Stobart Air announced in 2014 that she had been appointed a non-executive director of the business.

Stobart Air operates the Aer Lingus Regional service under a franchise agreement, and it also operates similar services for UK regional carrier FlyBe. But Stobart Air, whose chief executive is Sean Brogan, has been up for sale since last year. It's expected to be valued at between €60m and €65m.

Mr Brogan, along with Stobart Air management, is also understood to have submitted an offer to the carrier. The Stobart Group owns 45pc of Stobart Air, with 40pc held by Invesco Perpetual. Broker Cenkos owns 10pc, while former Aer Arann chairman Padraig O'Ceidigh owns 5pc.

The Irish Independent revealed back in March that Stobart is interested in merging Stobart Air with Dublin-based CityJet, which is headed by Pat Byrne. Mr Byrne, who founded CityJet, has just recently reacquired the business from Germany's Intro Aviation with the backing of investors.

"To standardise the airline's governance structures, Andrew Tinkler, Jonathan Brown and Yvonne Deeney have been appointed directors to the airline's companies. Mr Tinkler has been appointed Stobart Air chairman," a spokesperson for Stobart Air said last night.

"The airline continues to enjoy strong growth and as part of our development strategy, we are exploring investment options."

Irish Independent

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