Play, the new Icelandic airline founded from the bankruptcy of budget airline Wow Air, will initially fly to six destinations in Europe: Alicante, Berlin, Copenhagen, London, Paris, and Tenerife. More destinations will gradually be added, including four North American cities next year.
Play will change Wow’s fuschia colour to red. COO Arnar Már Magnússon said that the colour red was chosen to represent passion as well as Icelandic nature.
The airline has already negotiated slots and service hours with airports in the six cities and has secured a deal on fuel with BP, with a fixed price for six months.
Play will add four more aircraft to its fleet in May next year, two more a year later, and by May 2022 Play plans to operate a total of 10 aircraft.
The airline expects to secure an operating license as soon as funding is completed. Play hopes to raise ISK1.7 billion from private investors in Iceland. The airline has secured debt financing with the British investment fund Athene Capital to an amount of ISK 5.5 billion.
The Sunday Business Post has reported that Irish fund Avianta Capital, owned by Simon Whittley and Aislinn Whittley-Ryan, niece of Tony Ryan, has invested €35.6 million for a shareholding in Play, “reflecting a 75% ownership of the airline”.