BRITAIN'S competition regulator has scrapped its action against Ryanair and British Airways over their failure to offer refunds to passengers prevented from flying by Covid-19 restrictions, saying the legal position was unclear.
During pandemic lockdowns, instead of offering refunds to those legally unable to fly, IAG-owned British Airways offered vouchers or rebooking and Ryanair providing the option to rebook.
The Competition and Markets Authority (CMA) started action against the airlines in June, saying passengers who were legally unable to take flights booked in good faith should have their money back.
But it said on Thursday (7) the law did not provide passengers with a sufficiently clear right to a refund in such unusual circumstances.
Chief executive Andrea Coscelli said the CMA "strongly believed" the passengers should be offered a full refund.
"However, after considering the relevant law and gathering evidence in our investigation, we have concluded that the length of time that would be required to take this case through the courts, and the uncertain outcome, can no longer justify the further expense of public money," he said.
He added the CMA hoped the law would be clarified.
Ryanair said it welcomed the decision. "We operated a limited schedule during UK lockdowns for customers who travelled for essential reasons," a spokesperson said.
"Passengers had the option to change their bookings without paying the flight change fee, and many availed of this option."
British Airways said in a statement it had acted lawfully at all times during the crisis, issuing nearly 4 million refunds and offering highly flexible booking policies.
"We're grateful for (our customers') support at a time when we've been navigating dynamic and fast-changing travel restrictions to maintain a limited schedule," it said.
Mago Capital acquires the 145,000 square foot Notting Hill Gate Estate for £180million.
Prideview Group plays key role, completing £200million in London deals this year
Eastway Estates to back Mago Capital’s future property investments.
Prideview powers Mago’s expansion
Mago Capital has purchased the 145,000 square – foot Notting Hill Gate Estate in London for £180 million from Frogmore and Morgan Stanley. The purchase is part of its push to expand its £500 million Central London portfolio, through Prideview Group deal. The company has been actively buying premium properties across Central London.
For Prideview Group, this is another important achievement. The firm has completed over £200 million in Central London deals so far this year, becoming a significant player in the premium property market.
"We've always believed in the long-term value of prime London real estate, and this deal reinforces that," said Jesal Patel, Principal at Prideview Group. "We were able to move quickly with Mago Capital to secure an exceptional property in one of London's most iconic locations."
Ed de Stefano from Tydus Real Estate, told BE news, "The Notting Hill Estate provided a fantastic opportunity to acquire a 100 per cent prime, recently redeveloped, mixed-use estate, in one of central London's most affluent submarkets."
The deal involved several specialists including Tydus Real Estate, Freedman + Hilmi, and Brotherton, showing how complex such large property purchases can be. Prideview Group's investment arm, Eastway Estates, sits on Mago Capital's board and will support their future property acquisitions.
Looking forward, Prideview Group wants to manage £1 billion worth of property within the next 12 to 24 months. The firm is looking to work with investment funds, property agents, brokers, and other property companies to buy more assets.
By clicking the 'Subscribe’, you agree to receive our newsletter, marketing communications and industry
partners/sponsors sharing promotional product information via email and print communication from Garavi Gujarat
Publications Ltd and subsidiaries. You have the right to withdraw your consent at any time by clicking the
unsubscribe link in our emails. We will use your email address to personalize our communications and send you
relevant offers. Your data will be stored up to 30 days after unsubscribing.
Contact us at data@amg.biz to see how we manage and store your data.