January 11, 2019 / 9:29 PM / 2 years ago

Stobart's former CEO buys 10 pct stake in Flybe - Sky News

Jan 11 (Reuters) - Andrew Tinkler, the former chief executive officer of Stobart Group Ltd, has acquired a stake of about 10 percent in British regional carrier Flybe Group Ltd, Sky news reported on Friday.

Tinkler bought the stake in Flybe during Friday's trading session, and the purchase is expected to be disclosed to the London Stock Exchange on Monday, according to the report bit.ly/2RmzHYh.

It was unclear how much Tinkler paid for the stake, who he had acquired it from and whether he planned to make any further purchases, the report said.

He is not seeking to disrupt the proposed takeover of Flybe by a consortium led by Virgin Atlantic Airways, which also includes Stobart Group and Cyrus Capital Partners, a source close to Tinkler told Sky News.

Tinkler has been involved in a lengthy legal battle with the infrastructure and support services group after being ousted from the company last year for alleged breach of contract and breach of fiduciary duty.

Connect Airways, a joint venture company owned by the consortium offered to buy Flybe for $2.8 million on Friday.

Stobart, Flybe, Cyrus Capital and Virgin Atlantic were not immediately available for comment outside regular business hours. (Reporting by Bhargav Acharya and Sathvik N in Bengaluru)

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