Ryanair to set up new base in Germany after warning it would move away from UK after Brexit vote
BUDGET airline Ryanair is to set up a new base in Germany's financial capital months after saying it would 'pivot' growth away from UK airports following the Brexit vote.
The company, which recently launched a huge winter sale, said it will start operating flights from Frankfurt am main, which it the city's main airport, flying four new routes to Alicante, Faro, Malaga and Palma.
It also added that the move represents 'rapid growth in the German market' and means it is the first low-fares airline to open a base at the airport, pitting it against Lufthansa.
In July, the carrier said the decision by Britain to quit the European Union was 'a surprise and disappointment', adding: "We will pivot our growth away from UK airports and focus more on growing at our EU airports over the next two years."
The move comes as key financial centres in Frankfurt and Paris are encouraging heavyweight financial firms to shift their operations away from London after Brexit to maintain smooth trading across Europe.
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In September, Ryanair boss Michael O'Leary told the Press Association that the Brexit vote is beginning to affect investment and highlighted the importance of a single market.
He said: "The impact is beginning to be felt as investment decisions are being already postponed.
"Whether the UK leaves the EU or stays, I couldn't care less.
"The issue for us is whether we stay in the single market."
Ryanair will invest £163.4 millionin basing two aircraft at Frankfurt am Main.
The firm currently operates flights from Frankfurt-Hahn airport, which is more than 60 miles away.
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