Post by Humberside on Jun 26, 2013 17:40:44 GMT
Balfour Beatty's 60% stake in Exeter airport has been sold to the owner of Coventry Airport
www.telegraph.co.uk/finance/newsbysector/transport/10143971/Balfour-Beatty-sells-Exeter-airport-to-Rigby-Group.html
Balfour Beatty sells Exeter airport to Rigby Group
Balfour Beatty has sold its 60pc stake in Exeter Airport to Patriot Aerospace, the aviation arm of the Rigby Group.
Balfour Beatty bought the airport in January 2007 from Devon County Council for £60m. However, it did not disclose how much it had sold its share for to Rigby Group.
The airport employs roughly 300 staff. Sir Peter Rigby, chairman of Rigby Group, said that no jobs were at risk following the acquisition.
He added that it would like to add more routes to the existing 40 that are currently flown from the airport, but added that this would be down to the individual airlines.
He said he wanted to work with Exeter's main carrier Flybe and also wanted to encourage other airlines to fly from the airport.
Mr Rigby said he had purchased the airport as he "believes in the importance of regional airports and of their value to the local and regional communities and of their important contribution and place in the local communities.
He added that he was "intent" on developing the group's aviation business and did not rule out the possibility of working with more airports.
However, he said future deals would not necessarily lead to acquisitions, but could "well take the form of management contracts".
The Rigby Group also owns Coventry Airport and last month acquired Newquay-based British International Helicopter Services through its aviation division.
Balfour Beatty took over Exeter airport six years ago amid strong competition and at a time of keen investor interest in transport and infrastructure assets because of their potential to generate consistent flows of earnings.
However, since then passengers at the airport have steadily declined from a high of more than 1 million in 2007, to less than 700,000.
Balfour Beatty has sold its 60pc stake in Exeter Airport to Patriot Aerospace, the aviation arm of the Rigby Group.
Balfour Beatty bought the airport in January 2007 from Devon County Council for £60m. However, it did not disclose how much it had sold its share for to Rigby Group.
The airport employs roughly 300 staff. Sir Peter Rigby, chairman of Rigby Group, said that no jobs were at risk following the acquisition.
He added that it would like to add more routes to the existing 40 that are currently flown from the airport, but added that this would be down to the individual airlines.
He said he wanted to work with Exeter's main carrier Flybe and also wanted to encourage other airlines to fly from the airport.
Mr Rigby said he had purchased the airport as he "believes in the importance of regional airports and of their value to the local and regional communities and of their important contribution and place in the local communities.
He added that he was "intent" on developing the group's aviation business and did not rule out the possibility of working with more airports.
However, he said future deals would not necessarily lead to acquisitions, but could "well take the form of management contracts".
The Rigby Group also owns Coventry Airport and last month acquired Newquay-based British International Helicopter Services through its aviation division.
Balfour Beatty took over Exeter airport six years ago amid strong competition and at a time of keen investor interest in transport and infrastructure assets because of their potential to generate consistent flows of earnings.
However, since then passengers at the airport have steadily declined from a high of more than 1 million in 2007, to less than 700,000.
www.telegraph.co.uk/finance/newsbysector/transport/10143971/Balfour-Beatty-sells-Exeter-airport-to-Rigby-Group.html