The majority ownership of the Gatwick-based UK charter airline Astraeus has changed hands. The carrier is now 51% owned by Fons Eignarhaldsfelag, the Icelandic investment company, and the balance equally split between Aberdeen Asset Management (AAM) and Astraeus management. Last month an offer by Swedish airline FlyMe (ABTN 26 September) failed.
Fons is headed by Palmi Haraldsson and Johannes Kristinsson and has a number of aviation interests including Iceland Express. Palmi has a wide variety of other business ventures in the retail industry. Astraeus has bases at Gatwick and Manchester airports. Aberdeen Asset Management is a major UK-based fund manager with funds under management of US$140bn (”74.1bn).
The arrangement will see Astraeus continue to operate its existing route structure from Gatwick and Manchester, while also providing back-of-house support and assistance to other airlines in Fons' expanding portfolio of investments. Exciting developments are in prospect, says the company, particularly in the Scandinavian arena where Iceland Express has just announced an expanded route network of flights from summer 2007.
Hugh Parry, Astraeus' managing director said: "The strong financial backing from Fons will enable us to drive an unprecedented programme of development to extend Astraeus' route network and high quality of customer service into new markets. It will also enable us to benefit from economies of scale in purchasing, flight operations and technical areas by working with the other airlines under Fons' ownership."
Astraeus operates four Boeing 757 and two Boeing 737-700 aircraft on scheduled services to Sierra Leone, Ghana, Equatorial Guinea and Egypt as well as charter flights on behalf of leading independent tour operators. Its Boeing 757 aircraft are configured with only 201 seats (34 less than many other carriers' configurations) to provide enhanced legroom for all passengers. The airline recently started the first ever direct services between the UK and the Cape Verde Islands.