An island-based company is set to acquire Stobart Air.

Ettyl Ltd has 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.

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.

Further announcements regarding Ettyl’s development plans for Stobart Air and Carlisle Lake District Airport will be made over the coming weeks and months.

Ettyl’s Isle of Man-based chief executive Jason Scales said: ’We are delighted to have signed agreements for these acquisitions.

’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. Ettyl sees significant opportunities for increased regional connectivity as economies recover from the impacts caused by the pandemic and return to stability across the UK and Ireland.’

Ettyl’s registered address is at Queen Victoria House, on Victoria Street, Douglas.

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.

Before Covid, Stobart Air, operator of Aer Lingus Regional, operated more than 900 flights weekly across 30 routes throughout Ireland, the UK and Western Europe.

The airline operates a fleet of 13 aircraft from Belfast, Dublin, Cork, Shannon, Kerry and Donegal airports in Ireland, as well as operating across 13 UK airports.

A Stobart Air spokesman said: ’Stobart Air is pleased that this transaction is now concluded and a new owner of the airline is in place.

’This transaction is a significant testament to, and endorsement of, the value Ettyl see in our airline, in our product, in the service we provide and importantly, in our people.

’Under new ownership, the airline is now well positioned to embrace new opportunities as markets return and economies begin to recover from the impact of the pandemic.

’Given the role we play and the service we provide in franchise flying and delivering regional connectivity, there is significant opportunity for growth and network development as we continue to operate the existing Aer Lingus Regional franchise through to December 31 2022.’

Esken Ltd made an announcement about the acquisition to the London Stock Exchange earlier today (Tuesday).