The change in ownership structure at CityJet came as a surprise, particularly since Malmo Aviation only took its 43 per cent stake 11 months ago. When Malmo bought in, CityJet was on its knees. Malmo's agreement to put in £1.75 million and to provide technical and maintenance services was the key to keeping CityJet out of examinership.

But there was a fundamental disagreement between Malmo and the Irish shareholders, including Yeoman International, about the future. The shareholders wanted to continue to develop the CityJet brand and deepen its relationship with Air France. This was not what Malmo had in mind.

The Irish shareholders got together to buy out Malmo, putting up $8.5 million (£5.8 million) in a deal which included the purchase of two aircraft and some engines. With CityJet now turning into profit, the airline is in a significantly stronger position.