Aer Lingus sale nets €11.3m

Aer Lingus has sold its 20 per cent stake in the Spanish charter airline Futura for €11.3 million.

The disposal forms part of a purchase of the overall business by UK private equity group Hutton Collins and the airline's management team.

Futura's other shareholders were Spanish private equity group Corpfin Capital, which owned 66.85 per cent, while staff and management held the balance.

"This agreement to sell our minority interest in Futura brings our divestment strategy in respect of non-core activities to a conclusion," said Aer Lingus chief executive Dermot Mannion.

Futura was founded in 1989 by Aer Lingus, making its maiden flight the following year from Palma in Majorca to Manchester. It operates a fleet of 30 aircraft and achieved revenues of €288 million in 2006.

The airline has recorded a profit each year since 1990.

Based in Palma, Futura operates charter flights in Europe and the US and also leases aircraft to third parties. It carries more than three million passengers annually and employs 830 staff.

In Ireland, it operates flights for Falcon Holidays, Budget Travel and Panorama Holidays.

It also counts leading football clubs Barcelona, Real Madrid and Benfica as clients, along with carmakers Audi and Mazda, and soft drinks company Coca-Cola.

Former Aer Lingus boss Willie Walsh served as Futura's chief executive for two years from 1998 before returning to the then State-owned airline as chief operating officer.

Mr Walsh, who now heads British Airways, took the decision to sell an 80 per cent stake in Futura in late 2002. That share sale netted Aer Lingus €28 million.