A major airline based in Britain is on the brink of falling into administration within a matter of days, which could impact the holiday and travel plans of around 800,000 customers.
It is understood that Eastern Airways has filed a notice of intention to appoint an administrator in another blow the economy.
Under this latest business move, the company has 10 days to address its fiscal problems before it goes under.
Launched in 1997, Eastern Airways has served destinations in England and Scotland for around 800,000 passengers annually.
A British airline is days away from falling into administration
|PA / GETTY
If the airline does bust after filing administration, then this will mean all flights will be cancelled, The Sun reports.
Notably, Eastern Airways serviced regional air travel needs across the UK, with current destinations including Wick and Aberdeen in Scotland, as well as Humberside and Teeside International in England
As well as this, the airline previously operated other routes, including between Birmingham and Gibraltar.
Flights to Gibraltar were launched by the company in 2021, but were cut only a year later.
Airlines have struggled in the post-Covid economy
| PA IMAGESFurthermore, Eastern Airways axed its route between Cardiff to Paris Orly, Franc in March 2024.
Earlier this year, the company confirmed it would be launching new flights from Newquay, Cornwall to London Southend Airport, Essex but this route no longer appears on its website.
It should be noted that Eastern Airways is the number one provider of charter flights for sports teams in Europe.
Teams in both Premier League and Championship football teams use the operator, as well as Rugby Union teams and Super League teams.
Rachel Reeves has sought to bolster economic growth | GETTY In the airline's financial results for the 12 months to March 2024, Eastern Airways posted a net loss of £19.7million, which is £4.8million higher than the year before
As well as this, the company's total debt jumped by £4.8million to £25.97million, while profit slipped to £454,000 from £1.55million the year prior.
Airlines across Britain have struggled in recent years with Play Airlines confirming it would cease operating last month.
Play Airlines serviced flights between UK airports and European destinations, including Amsterdam, Paris and Faro.
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Other airlines that have closed in recent years include Monarch Airlines in 2017, which at the time was the largest ever in Britain to go under.
In 2024, US-based airline Spirit Airlines for bankruptcy in a blow to American travelers.
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