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On This Day: Laker Airways collapses owing £270m
The firm, built on low-cost international travel by British business maverick Freddie Laker, opened in the 1970s and opened up air travel to those who previously thought it was the preserve of the rich.
February 5, 1982: This day 31 years ago marked the collapse of pioneering budget airline Laker Airways.
The firm, built on low-cost international travel by British business maverick Freddie Laker, opened in the 1970s and opened up air travel to those who previously thought it was the preserve of the rich.
Laker Airways' Skytrain service from Britain the US opened in 1977, offering a $100 fare from London to New York, sparking a price war with other airlines.
In the five years before it went bust, the airline carried over three million travellers on 20 aircraft, as the firm soared to fifth on the Atlantic air travel rankings.
But the company collapsed on February 5 1982, owing £270m to banks and other creditors.
Freddie Laker died aged 83 in Miami in 2006.
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