Partner Article

Future of Humberside Airport employees secured

Manchester Airports Group (MAG) has sold its majority shareholding in Humberside Airport to Eastern Group.

The sum of the sale remains undisclosed, and will leave North Lincolnshire Council to retain its minority stake in the Airport.

MAG suggested the move would allow the business to concentrate on strategies for maximising growth at the larger Manchester, East Midlands and Bournemouth Airports.

MAG Chief Executive, Charlie Cornish, said: “MAG has believed for some time that the best long-term operational model for Humberside Airport was with a new owner that could focus on taking the business forward into the next phase of its development.

“The Eastern Group specialises in aviation related activities and we are delighted that our former colleagues at the airport will now have a new owner who can concentrate on developing the business.”

Bryan Huxford, Chairman of Eastern Group, said: “We are making a strategic financial investment acquiring Humberside Airport. The airport has potential for growth, and under the present airport management team, supported by Eastern Group, will develop in accordance with the business plan already in place.”

MAG originally paid £10m for the majority stake in 1999, and since then, over £7m has been invested in the airport.

The deal secures the futures of Humberside Airport employees, as the current airport management team will continue to manage the operation.

Cllr Liz Redfern, leader of North Lincolnshire Council, said: “These measures are vital in helping secure a viable future for Humberside Airport.

“There are a number of unique opportunities to deliver jobs and growth and support, and underpin further investment in the area. The airport has a fantastic business park with huge potential. Its location is perfect with easy access to the ports and South Humber Gateway – vital to the future success of our region.

“Working together, we will do all we can to attract further investment and development to North Lincolnshire and create more jobs for local people to secure a promising future.”

The Corporate Finance team at law firm Pannone, led by Partner Steven Grant, advised MAG on the sale.

www.pannone.com

This was posted in Bdaily's Members' News section by Tom Keighley .