Managing Director of local corporate and trust services provider, Sentient International Limited, Paul Murtagh, says his newly established Asia operation of the same name, has been granted its Trust or Company Services Provider (TCSP) Licence in Hong Kong.

We make no apologies for making the future of air services the subject of our Comment piece for the third month in succession, in this month’s issue. There was some good news in March after confirmation that the deal to sell Flybe to the Connect Airways consortium is moving forward after receiving shareholder approval. Connect is a joint venture involving Virgin Atlantic, Stobart Air and Cyrus Capital.

It means that – for the time being at least – normal services will continue in respect of flights to and from the Isle of Man. It’s reported that at some stage in the future the aircraft will be re-painted in the Virgin Atlantic livery.

Flybe hasn’t been the only airline to fall foul of the perfect storm that has hit the airline industry. There have been several other high profile European failures – the most recent the demise of Flybmi.

The Isle of Man’s vulnerability in terms of air services is in stark contrast to Guernsey. The Channel Island took the decision in 2003 to nationalise the Aurigny Airline, which operates passenger and freight services between the Island and the UK. It’s not been without its problems – in fact the airline has been loss-making for several years. In 2015 the States of Guernsey recapitalised the airline’s holding company by paying off around £25 million of existing and predicted debt. But it has at least provided a degree of certainty that strategically important routes could remain open – albeit at a cost.

Meanwhile, even before the paint was dry on the rescue plan with Connect Airways, Flybe announced it was to operate the first direct service between Guernsey and Heathrow for over twenty years. The daily afternoon flights were due to start on March 31st with fares starting from £20.77 one-way.

For Islands like the Isle of Man and the Channel Islands the security of air services is critical. Here in the Isle of Man we are entirely at the mercy of commercial operators who – can end or alter services at a whim. 

Let us hope that looking to the future Connect Airways, easyJet and British Airways continue to see the Isle of Man as a viable and profitable route. 

Business365 has teamed up with the Ramsey Park Hotel to offer a fantastic competition with the chance to win a conference for 25 people at the hotel’s new purpose-built events space.

The governments of Jersey, Guernsey and the Isle of Man welcome the decision of the UK Government to defer debate of the Financial Services Bill, and its associated amendments.

The Isle of Man Steam Packet Company says the new Sea Services Agreement will create a strong long-term foundation from which to deliver continued investment.

Prior to putting their home on the market, why do some people fail to make the beds before inviting an estate agent around to photograph their property?….

As Business365 went to press the future of air services between the Isle of Man and UK airports, currently operated by Flybe, remained undecided.

A crucial meeting of shareholders, scheduled for March 4th, will decide whether to back a sale to a consortium led by Virgin Atlantic and Stobart Air, or face the winding up of the cash-strapped company.

It’s a stark choice for shareholders – to accept a deal that values the shares at just a penny each, or lose everything if the airline is wound up.

The plan to sell the business to the Connect Airways Group (of which Virgin and Stobart are a part) was agreed in principle in January. However, such was the critical state of Flybe’s finances that its Board entered into a separate agreement to sell its operating subsidiaries to Connect for a sum of around £2.8 million. That element of the deal was expected to be finalised on February 22nd – without a requirement for shareholder approval.

Whilst the sale of the airline to Connect still seems the most likely outcome it’s by no means a done deal. In the meantime the Manx Government holds its breath at the prospect of losing a company that operates key routes to Liverpool, Manchester and Birmingham. Flybe had also announced plans to re-open a base in the Isle of Man from April this year.

Flybe’s woes are connected to a range of issues affecting the airline industry including fuel and currency volatility and the poor economic outlook, which had led to subdued demand.

The Connect Airways group behinds the offer for Flybe is made up of Virgin (30 per cent), Stobart (30 per cent) and Cyrus Capital Partners (40 per cent).  Connect’s offer was valued at  around £2.8 million.

Comprehensive coverage of the world’s largest and most influential gambling exhibition at the Excel Centre in London provided by Simon Richardson.

All you need to know about Treasury Minister, Alfred Cannan’s most difficult budget yet against a backdrop of BREXIT in a special B365 feature.

Mondernising in a bid to survive the modern digital world.