UK regional carrier Flybe acquired five 10-year old Bombardier Q400s for £25.5 million ($40 million) in the first quarter of its fiscal year, ended 30 June 2014.

The five units were purchased off lease from various leasing entities and the average aircraft was purchased at just over $8 million per unit.

The fleet was built in 2004 and operated by Flybe since new.

“The largest movement in net capital expenditure relates to the acquisition of five previously leased Q400 aircraft for £25.5 million,” it writes in its interim results.

Flybe purchased the Q400s to provide capacity for expansion at London City, at which it inaugurated operations late last month.

Net capital expenditure in the six-months period to 30 September 2014 was £30.1 million and despite recording a £10.7 million net cash inflows from operating activities before restructuring, Flybe used £28.9 million of net cash in the first half.

Its cash and cash equivalents at 30 September totalled £149 million and the group had £22 million of restricted cash.

Source: Cirium Dashboard