Fleet Financing

Police alerted to paperwork behind Stobart Air deal

Police have been alerted to potential irregularities regarding the planned acquisition of Stobart Air and Carlisle Lake District Airport by a Isle of Man-based bitcoin investor.

The move follows an announcement by London-based Esken, formerly known as Stobart Group, of the failure to fund the deal.

Ettyl, a start-up airline run by 26-year-old entrepreneur Jason Scales, struck a deal with Esken to acquire the assets for £ 2 in April.

Offloading the airline would allow Esken, the owner of Southend Airport, to settle his finances. Stobart Air has proven to be a cornerstone around Esken in recent years. He chained the mini-conglomerate to multi-million pound lease payments for its fleet of 13 planes. With the airport, companies employ nearly 500 people.

Mr. Scales has been quiet about his supporters. Last month, he denied speculations that Ettyl was funded by Doug Barrowman, Baroness Mone’s husband, and Raj Chatha, the former owner of Oddbins.

Mr Scales runs an Isle of Man-based blockchain and tech incubator called Hubb.

A spokesperson for Ettyl said: ‘Ettyl can confirm that she raised her concerns to the Isle of Man Police as soon as she became aware of a problem with the documents provided by the one of the proposed third-party funders. It would not be appropriate to comment further. Ettyl is now in talks with potential alternative finance providers.

A spokesperson for the Isle of Man Police said following discussions with the Chief Economic Crime Inspector he was unable to comment.

Esken declined to comment.

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