The chairman of British Regional Airlines, which has been severely criticised for its poor service in the Highlands and Islands, is set to pocket #30m when the company publicly floats next month.
Sir Michael Bishop will also retain nearly 30% of the shares - worth another #30m - in the company, which took over the Highlands and Islands routes from British Airways 18 months ago.
Ironically Sir Michael will make more money out of the institutional flotation than the company is planning to spend on new aircraft.
Scottish Industry Minister Brian Wilson yesterday called for money to be invested in the local air services.
''I think everyone concerned with economic development in the Highlands and Islands would prefer to see money invested in better air services,'' he said. ''This confirms the extent to which British Airways have severed their direct involvement in these services.
''What we have now are planes used by a company controlled by Sir Michael Bishop and flying around in British Airways' livery.''
Councillor Alex Macdonald, chairman of the Western Isles Council's transportation committee, said the improvement of air services remained a top priority.
''When the flotation of BRA was announced, the council welcomed the move, as it would hopefully provide much-needed capital for BRA to invest in air services,'' he said.
''The council would still hope this is the case, and that the new money will be available for investment in new planes and air services generally.''
Since BRA took over the franchise of the loss-making Highlands and Islands air routes, there have been constant complaints of poor performance and long delays from passengers and the Western Isles Council. Flights have been hit by technical faults and problems over getting back-up aircraft.
Currently the council is seeking compensation after its councillors were injured in a plane crash on a service it massively subsidises. Ironically the legal move comes at a time when BRA is pulling out of the Benbecula to Stornoway route, which receives #150,000 a year from the council.
At least four of the 26 passengers aboard the BRA flight which crash-landed at Stornoway Airport in February are known to have been injured.
A spokesman for BRA confirmed yesterday that a prospectus is about to be sent to City institutions who will buy the shares.
It shows that Sir Michael will take #30m, keep half his current shareholding, while chief executive Terry Liddiard will have a shareholding worth about #10m.
The flotation, which is being offered only to institutions, values the company at about #100m and will raise #25m principally to buy 15 new Embraer ERJ 145, 50-seater jets and expand routes.
The flotation of the Isle of Man-based company - which also owns Manx Airlines - will pay off nearly #10m of debt to British Midland. BRA, which has 43 aircraft and 70 routes, is British Airways' largest franchisee. Last year it made pre-tax profits of #3.9m on turnover of #165.3m.
A spokesman for the company said that the share price and exact flotation date had not yet been fixed, but was imminent.
''A prospectus is being sent to the institutions next week. They have given quite a lot of enthusiasm to the flotation, and we expect all the shares to go,'' he said.
''Sir Michael will realise about #30m from his holding, and retain nearly 30% of the shares.''
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