Flybe backs chairman in takeover storm

FLYBE launched a defence of chairman Simon Laffin yesterday after its largest shareholder stepped up a bid to oust him amid concerns about a takeover deal.

The Exeter-based airline’s board said it had ‘full confidence’ in Laffin after it emerged that Hosking Partners had asked for an extraordinary general meeting of shareholders to put pressure on him.

Hosking Partners, which is run by Tory and Brexit donor Jeremy Hosking, is unhappy about a 1p-per-share takeover deal that Flybe’s board agreed with Virgin Atlantic and Stobart Group. Hosking wants to replace Laffin with Eric Kohn, an aviation executive who would lead an investigation into the sale process, Sky news reported. Flybe agreed the deal after putting itself up for sale in November following a profit warning. A Flybe spokesman said that the board had acted at all times in the interests of shareholders and stakeholders.

He added: ‘The board continues to have full confidence in its chairman, Simon Laffin, and believes that any independent scrutiny of its conduct will support its decision-making.’