Falklands : Falklands - no Cause for Concern over Airbridge
Submitted by Falkland Islands News Network (Juanita Brock) 21.11.2009 (Article Archived on 26.12.2009)
Flyglobspan, the Scottish airline which operates the airbridge service to the Falklands is believed to have staved off a collapse with a last-ditch cash injection. The Independent reported over the weekend that administrators were lined up to handle the airline’s collapse but directors at Globespan Group managed to secure new funding at the 11th hour.
NO CAUSE FOR CONCERN OVER AIRBRIDGE
(A Report for FIRS by Stacey Bragger 17.11.09)
Flyglobspan, the Scottish airline which operates the airbridge service to the Falklands is believed to have staved off a collapse with a last-ditch cash injection. The Independent reported over the weekend that administrators were lined up to handle the airline’s collapse but directors at Globespan Group managed to secure new funding at the 11th hour. The Independent said that it is not known whether additional cash has secured the long-term future of the airline.
However, the Company denied reports and said they had secured investment that will allow it to continue to prosper and grow.
The Company spokesman said they had been negotiating the increased funding for months and there is no threat to jobs of passenger bookings.
In the wake of the collapse of the airline XL Leisure last year, betting firm, Patti Power ranked Flyglobespan as the airline most to collapse. But the firm and its Chairman looked to have ridden out the storm when accounts published in March showed the business turned a profit of £1.2Million for the year ending 2008, up from a loss of nearly £20Million the previous year.
It is believed the company’s financial problems were sparked by a delay in receiving payments from a credit card processing company.
Regarding the airbridge service a Military spokesperson said that the reports are not a cause for concern as the company is still profitable. The spokesperson added that the MOD routinely makes contingency plans for many eventualities including the possibility of the airbridge operator ceasing at short notice.
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