A teenage entrepreneur, who planned to operate a regular air service between the Isle of Man and Edinburgh has been "grounded, after losing tens of thousands of pounds", according to a United Kingdom national newspaper. Today's Mail on Sunday says 19 year old Martin Halstead, who gave up his A-levels to set up Alpha One Airways, three months ago, admitted losing "a considerable amount" of his own money. However, according to the paper, he insisted his four times a day service would be back on track once an aircraft with a new safety system was delivered. The electronic anti-collision system is required under EU airline rules. Alpha One was due to start services in November, but Mr Halstead's plans were delayed, due to problems setting up the operation.