Nyras Business Expansion Strategy Takes Shape
London, January 31, 2008: Nyras Capital, the FSA-authorised aviation finance and business adviser, today confirmed that the £103.5 million sale of GB Airways to easyJet PLC has been successfully completed.
The sale, developed and negotiated by Nyras for GB Airways’ owner, the Bland Group, was agreed at the end of October, 2007. Full completion followed clearance of the acquisition by the Office of Fair Trading on January 18.
Under the deal, easyJet has acquired the entire issued share capital of GB Airways for a cash consideration of £103.5 million. The acquisition excluded slots held by GB Airways at Heathrow Airport which have been traded separately on behalf of the airline by Nyras; and also the airline’s historic head office at Gatwick, The Beehive, which is retained by the Bland Group.
easyJet has taken over the GB Airways fleet of Airbus aircraft, its network of 28 routes from London Gatwick Airport and six routes from Manchester, together with all other assets. GB Airways’ current franchise partnership with British Airways will expire at the end of March, when operations then take on the easyJet brand.
Nyras Chief Executive, Richard Davey, who led the sale negotiations and due diligence process for Bland Group said: “The sale to easyJet brought to an end a period of uncertainty about the future direction of GB Airways. We were pleased to help ensure that the route network and business base built up by GB Airways is now secured and strengthened under the ownership of a major UK airline and one of the industry’s most powerful brands. We are proud of the role that Nyras played in this important transaction.”
James Gaggero, Chairman of the Bland Group and GB Airways, commented: “I was most impressed by the quality of the Nyras team, headed by Richard Davey, and by the expert advice and guidance we have received. The company was commissioned to advise us from the moment it became clear that a radical, new business solution was required for GB Airways. Nyras’s exceptional performance on our behalf contributed significantly to the successful sale of the airline to easyJet PLC and to the separate trading of our Heathrow slots.”
At the same time, Nyras which is authorised by the UK Financial Services Authority to conduct investment transactions in the aviation industry, has announced its own operational expansion. This includes a revised management structure; the appointment of a strengthened team of senior associates; and the opening of a new central London headquarters, together with satellite operations in Dublin, Madrid, Rome and Zurich. |
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Led by Chief Executive, Richard Davey (former Global Aviation Leader with PricewaterhouseCoopers), the Nyras core management comprises Derek Stevens (former Chief Financial Officer of British Airways) as Chairman; Larry Stanley (former Group Chief Executive, Aer Lingus), Vice-Chairman; Yen Sung (former senior manager with the PricewaterhouseCoopers Global Aviation Practice), Executive Director and Partner; Guido Ruther (former Vice-President, SWISS International), Senior Vice President; and David Priseman (a former banker with Banque Paribas and Deutsche Bank), Chief Financial Officer. The management team is supported by industry analyst, Andrew Tarry.
The Nyras team of associates has been expanded to include nine senior aviation industry figures located in the UK, Spain, Sweden and Italy. (See details below).
To facilitate increased business activity, the new Nyras headquarter offices in Strand, London WC2, within easy reach of both the West End and City of London, are now fully operational. Nyras was previously located in offices at London Bridge.
In addition to the Bland Group/GB Airways, Nyras has carried out a number of aviation assignments since the company’s inception in 2003 involving Aegean Airlines, Amadeus, Barclays Capital, BC Partners, British Airways Plc, BA Pension Trustees, Budapest Airport privatisation, Clayton Dubilier & Rice, Eastern Airways, Finnair, Hochtief Airport, Home Center and Irish consortium of investors, IBM, Malev, NIIT, Nikko Principal Investments, PricewaterhouseCoopers, Qantas, Royal Jordanian Airlines, SR Technics, SWISS International Airlines and Volare.
For further information, contact: Tony Cocklin, Nyras Capital
Tel: +44 (0)20 7484 5100
Mobile: +44 (0)7786 968956
E-mail: tony.cocklin@nyrascapital.com
Notes:
• Nyras Capital LLP was founded in 2003 to meet demand from the air transport and travel industries for expert approaches to business development and reform, including mergers and acquisitions. From the outset, Nyras has been authorised by the UK Financial Services Authority (FSA).
• The Nyras team of accredited senior associates includes:
Chris Tarry, the leading air transport analyst;
Angel San Segundo, former IBM Business Consulting Partner;
Gary Palin, former Head of Aircraft Acquisition, First Choice Airways.
Enrico Foresti, former senior executive with Alitalia;
Stellan Werling, former Head of Corporate Finance, British Airways;
Ray Lyons, former General Manager, Revenue Management & Pricing, BA;
Maurice Coleman, former Head of Commercial Strategy, Aer Lingus;
Luca Ciarlini, former Senior Vice-President, Alitalia; and
Tony Cocklin, former Head of Communications, BA.
• More detail on Nyras and its people can be found on www.nyras.co.uk |
