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UK regional airline Eastern Airways is on the brink of collapse, putting hundreds of jobs at risk.

On Monday it filed a notice of intention to appoint an administrator, and several regional flights were cancelled including between between Teesside and Aberdeen.

Eastern Airways operates across the UK, Ireland and Europe, and has run services supported by the Scottish government for people in the northernmost point of mainland UK.

Eastern Airways and The UK Civil Aviation Authority (CAA) have been approached for comment.

A notice to appoint administrators is a formal step that gives the business up to 10 days of legal protection from creditors while it explores rescue options, restructures, or prepares for insolvency proceedings.

Airport flight departure boards showed Eastern Airways flights had been cancelled, including a 0700 flight from Newquay to London Gatwick, 1815 flight from Teesside to Aberdeen, 1430 from Aberdeen to Wick and 1645 from Aberdeen to Teesside.

Eastern Airways is one of the UK’s last remaining regional airlines.

It has been an operator in the oil and gas industry, flying between UK cities with a significant presence in the sector such as Aberdeen, Humberside, Teesside and Wick.

The airline faced financial challenges following the pandemic, due in part to falling passenger numbers.

Launched in 1997, Eastern Airways is based at Humberside Airport in North Lincolnshire. The airline also operates out of East Midlands, Jersey, Manchester, Newcastle, Newquay and Southampton, as well as Esbjerg in Denmark.

It has run a crucial weekday service between Wick John O’Groats Airport and Aberdeen, which is seen as vital for people living in the most northerly point on mainland UK, which was supported by a Public Service Obligation (PSO) by the Scottish Government.

Eastern Airways initially built up its network of scheduled services around the North Sea offshore industry with flights up the east coast of England to Aberdeen.

Key takeaways:

• LME’s transformation under John Williamson: From navigating the 2022 nickel crisis to modernizing systems and governance, Williamson has steered the LME toward renewed trust and market confidence
• Driving modernization and sustainability: Williamson’s tenure emphasizes electronic pricing, enhanced transparency, and sustainability initiatives like the Dubai-based CPAL for greener metals
• Strengthened global partnerships: Closer ties with HKEX have fueled expansion, governance reforms, and strategic growth, positioning the LME for a dynamic future

The nickel crisis of 2022 had tested its systems, its governance and its reputation. Three years later, Williamson says that the LME is “no longer the ugly duckling” – a reference to the fable he uses to describe its transformation – but is now an exchange regaining confidence, focus and trust.

“It brings you back to the story of the ugly duckling,” Williamson told Fastmarkets in an interview on Friday October 24. “When I arrived as chairman, things were rather bleak, and I sensed pretty quickly that we had very good people at the LME and that, like the duckling, with the right support, encouragement and sense of belief, great things could be achieved.”

Since then, he has presided over an intense period of reform: rebuilding governance, strengthening market surveillance and modernizing systems, all while pushing forward with new initiatives on sustainability and digital trading. “If my legacy was that I had at least helped that duckling gain some more confidence, I’d be happy,” he said.

Rebuilding after crisis

Williamson did not seek the chairmanship. He was a long-serving board member of Hong Kong Exchanges & Clearing (HKEX) – the Hong Kong-based owner of the LME – and was invited to join the LME board in 2021 soon after retiring from HKEX. When his predecessor stepped down after the nickel market turmoil, he was asked to lead the exchange through its most testing period in decades.

In his view, the nickel crisis proved to be a turning point.

“Much has been learned from the nickel event, not least in terms of our surveillance of what’s happening in the broader market, and the need for us to have access to as much information as possible, on both the over-the-counter [OTC] and exchange business,” he said. “I think we’re in a better place there.”

The crisis, he said, helped to drive overdue change within the industry, with members becoming more receptive to reforms once they saw the need for greater transparency and oversight. The exchange introduced daily price limits, enhanced data collection on OTC positions, and other measures that helped to facilitate a more comprehensive and proactive approach to risk monitoring.

“If we’re looking for evidence that the changes we’ve been making are beneficial to the market, we can already see some of that,” he said.

Modernizing the market

Williamson’s tenure has been defined by a push to modernize – from electronic pricing and enhanced liquidity programs to IT system upgrades and new product development. It is a strategy that he defines as “evolution, not revolution.”

“It’s about ensuring that the LME remains the premier venue for trading industrial metals,” he said. “We must continue to nurture and build on the trust that exists in the LME in terms of participants’ desire to use it for reference pricing, and we also must move with the times in terms of being efficient and effective in the way we operate.”

The exchange has rolled out electronic closing prices and market structure reforms intended to increase transparency and attract a wider pool of participants.

“We understand the concerns that some market participants have,” he said. “But if I look, for example, at the changes we made to the closing prices, and making those electronic, what you see is a fairly significant increase in volume. And even those who were opposed to us taking those steps have by and large come round to them.”

Dubai and the CPAL

Beyond technology, Williamson is also driving a longer-term strategy concerning sustainability and global reach. One of his key priorities is the creation of the Commodity Pricing and Analysis Ltd (CPAL) operation in Dubai, a major step in developing a premium market for greener metal.

“Another important area, which is more business development than reform, is to continue to pursue the sustainability agenda. Setting up the CPAL operation will be very helpful on that part of the journey,” he said, noting it will operate as an independent pricing administrator.

Williamson sees the project as part of the LME’s role to help the industry to recognize and reward lower-carbon production.

“If you make the criteria too demanding, there’ll be no trading,” he said. “So we probably have to start at a reasonable point and then – over time, when we get the right engagement, the right volume – ratchet-up the criteria. Because if the whole idea is to encourage more sustainable green mining, you want to raise the bar over time, in line with broader expectations and policy measures.”

The initiative mirrors the earlier success of LMEpassport, a traceability tool that once faced skepticism but is now widely used. “When we started to look at LMEpassport, there were a lot of detractors saying it was not really our business to go down that path. But thank goodness we did,” he said.

HKEX partnership

According to Williamson, the LME’s relationship with parent company HKEX – once perceived as distant – has become closer and, strategically, more aligned.

“The engagement with Hong Kong is stronger, not in a micro-managing way, but the business development opportunities are better understood,” he said. “We have, I’d say, an even stronger relationship with Hong Kong. And how does that manifest itself? When we need help on something, we’re not starting from scratch.”

That partnership has already borne fruit, with rapid expansion of warehouses in Hong Kong (where 12 have opened this year) and the planned establishment of the Dubai office, among other initiatives.

Williamson also credits HKEX’s support with accelerating governance and cultural reform at the LME. “We’ve strengthened the LME board and management team. There’s much more ambition within the exchange as well as enhanced execution capabilities,” he said. “It’s been interesting to me to observe how the culture has changed. We’ve got a more proactive culture across the organization now.”

Personal roots

Despite the LME’s global scope, Williamson’s own story is deeply grounded in personal experience and people skills – something he traces back to his early years working in his father’s newsagent shop in Edinburgh, Scotland.

“I worked there from the age of eight until I was 21,” he said. “I learned so much in that time about people – you learned to read people pretty quickly because our shop was on the border of the then less-attractive part of Edinburgh.”

That grounding, he believes, shaped his approach to business and leadership. “Although I’m an accountant and I’ve been dealing with numbers all my life, I’m much happier dealing with people and people issues and people challenges,” he said.

After earning a degree in accounting and computer science from Edinburgh’s Heriot-Watt University, he joined stockbroking firm Wood Mackenzie and started as a partnership tax assistant in Edinburgh. He gained the mentorship of a senior partner, who later encouraged him to move to London around the time of the so-called Big Bang in banking; they remain close friends some 42 years later.

Williamson moved to Hong Kong in 1994 after Wood Mackenzie was acquired by UK bank NatWest, acting as the bank’s eyes and ears in a 50:50 investment bank joint venture with Wheelock, a major local conglomerate. His role focused on building the right team and establishing operations across the Asia region.

In 1998, he then joined Morgan Stanley in Hong Kong to help expand its business in Asia, gaining valuable experience, not least in navigating the differences between US and UK banking cultures.

In 2007, he was recruited by Robert Miller, co-founder of DFS Group, to be chief financial officer of Search Group, Miller’s private family office and asset management firm. Later, in 2012, Williamson was also appointed chief executive officer of SAIL Advisors, the group’s fund of hedge funds business.

Meantime, in 2008, he had been approached to join the HKEX board. It proved an extraordinary time, with the global financial crisis unfolding and Hong Kong facing a series of challenges, from market turmoil to public health crises such as SARS and bird flu. Despite the turbulence, it was a fascinating period that saw HKEX begin to expand its international reach.

Williamson was part of the board subcommittee that looked into acquiring the LME in 2012. “That was my first proper introduction to the world of metals,” he said.

Looking ahead

Reflecting on three years as chairman, Williamson said that his focus was still to ensure that the LME continues to evolve – cautiously, but decisively.

“We’re very, very careful not to interfere with the structure of the LME’s core contracts,” he said. “But if we do not adapt to the changing requirements of the broader market, we’re in more danger of being left behind.”

For all the challenges, he is optimistic and energized.

“We’ve made remarkable progress over the past few years,” he said. “There’s no room for complacency, but I genuinely believe that the LME is poised to reach its full potential. We’re certainly heading in the right direction.”

Want to hear more from about the London Metal Exchange? Listen to the exchange’s CEO, Matthew Chamberlain, in an episode of the Fast Forward podcast with Andrea Hotter below.