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Varsity owner admits failings |
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Tuesday, 16 March 2010 |
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UK carrier Varsity Express's owner Martin Halstead, 23, whose failed airline operated return flights between Oxford and Edinburgh for only six days, has admitted the airline had little backing other than monies taken from staff. Halstead admitted he had:
- Used a fictitious name, Will Gilligan, to pretend to be both the commercial director and a financial backer of his airline.
- Launched his business with a partner, David Lawrence, who is disqualified from being a company director.
- Boasted of a "consortium" of wealthy investors in the airline who never existed.
- Raised money for the enterprise by taking more than GBP50,000 from four young pilots.
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