UK's Flyglobespan secures funding for future expansion

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Scottish operator Flyglobespan has secured funding from an investment house that will underpin future expansion.

The Edinburgh-based carrier mainly operates holiday charter flights to the Mediterranean, Canada and the USA as well as services on behalf of the UK defence ministry to locations such as the Falkland Islands and Qatar,

Flyglobespan says that, following several months of negotiations with Halcyon Investments, it has completed a deal with the company.

In a statement, Flyglobespan owner and chairman Tom Dalrymple says: "In the past few months I, and my senior executives, have received a number of presentations from parties interested in investing in our business.

"I am pleased to say that the chosen investor has the financial strength and vision to take the business forward to its natural next level."

In the same statement a spokesman for Halcyon Investments - which operates from an address in London - says: "We have great belief in the Globespan senior management and its brand positioning in the marketplace.

"Coupling this with our own financial substance and shareholder acumen gives us the ideal platform to achieve our strategic objectives within the travel and leisure sector."

Flyglobespan's last available financial figures, for the year ended October 2008, showed a small trading profit of £1.2 million ($1.85 million), after making its first loss in 30 years' trading in 2007.