An island law firm has acted as legal counsel ‘every step of the way’ for Ettyl on its buy-up of Stobart Air which involved an initial outlay of just £2.
MannBenham Advocates is based just doors away from Ettyl in Victoria Street, Douglas.
Jason Scales, chief executive officer at Ettyl Limited said: ‘In what was by its very nature a complex acquisition, MannBenham provided myself and the Ettyl team with excellent support throughout the whole process.’
The MannBenham team was led by head of business, Carly Stratton, with support from senior counsel and advocate Paul Beckett.
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Ms Stratton said: ‘We continue to work closely with Mr Scales and Ettyl Limited throughout the transitional period providing support and advice.
‘And we look forward to continuing our relationship through the provision of our fully integrated legal and administrative service from our advocates and fiduciary businesses.’
Isle of Man Newspapers last month reported that Ettyl Ltd confirmed it has signed agreements for its acquisition of Stobart Air and Carlisle Lake District Airport from aviation and energy infrastructure group Esken Ltd, subject to bank consent.
The £2 initial outlay details were contained within an announcement by Esken Ltd to the London Stock Exchange on the structure of the transaction.
Stobart Air will continue to operate the existing Aer Lingus Regional franchise that is currently contracted to run through to December 2022 – subject to change of control consents.
The intention is to retain all staff currently employed by Stobart Air and Carlisle Lake District Airport.
Mr Scales said: ‘In the immediate term it will be very much business as usual in respect of both Stobart Air and Carlisle Lake District Airport’s operations and our deal ensures that the great teams within those businesses are retained.
‘We will be making further announcements over the coming weeks and months regarding our plans.’
Mr Scales is an island-based entrepreneur who has been involved with a number of businesses throughout his career to date, ranging from facilitating significant investment into start-ups, to playing a more active, hands-on role in improving the performance of longer established
entities.
He established Ettyl in early 2020. He also heads up a commercial property business in the island incorporating the ’Hubb’, a serviced office business and incubator that facilitates investments into start-up and upscale businesses.