Citywing almost saved by last-minute investor

Citywing's managing director has told how the company went through four options in a last-minute bid to save it from collapse.

On Friday the firm held a creditors meeting at the Palace Hotel in Douglas after it ceased trading earlier this month.

David Buck said the company had been trading well until its contractor Van Air had its planes grounded.

He said he'd had daily meetings with a business advisor in a bid to keep the company afloat.

Mr Buck said a plan to sell the company or merge it with another had to be scrapped because there wasn't enough time.

Van Air couldn't assist the company and although shareholders could raise some money it wasn't enough.

A prospective investor had come forward but at 5pm on the day the company shut down they said they needed more time to examine the accounts.

Mr Buck said the company had around 1.3 million in assets leaving a shortfall of around £439,000.