CityJet - Restructuring, business change & refinancing
We were approached by CityJet that had recently changed ownership from legacy carrier to private ownership, and needed our support to transform from a loss-making operation into a profitable organisation.
We carried out a thorough review on behalf of our client to ascertain the extent to which the airline relied on branding and commercial functions, its high-cost structure, and the culture that remained from its time as a legacy carrier. Our team assessed that, while the airline had already made significant progress in developing its own commercial capability, costs had not been addressed and there were significant weaknesses in financial management.
Nyras then brought in industry experts to set new targets and assist in launching a cost reduction programme. We provided recommendations to help the business adapt its culture in line with its new status as a small, self-reliant airline and put forward proposals to refinance the airline in light of the financial situation. Nyras was able to conduct this on behalf of the client, taking advantage of our UK FCA registration to oversee the financial transaction.
The airline is now profitable and under new management, with a culture suited to an independent operation. For the first time in years, the team are able to take advantage of a lower cost base to focus on growth.