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Manchester Airports Group sells its stake in Humberside Airport to Eastern Group

3-Aug-2012 11:17 AM

UK's Manchester Airports Group (MAG) sold (02-Aug-2012) its 82.7% shareholding in Humberside Airport to Eastern Group for an undisclosed sum. North Lincolnshire Council will retain its minority stake in Humberside Airport leaving MAG to concentrate on its strategy of maximising the growth opportunities offered by the larger Manchester, East Midlands and Bournemouth airports. Employees at Humberside Airport and North Lincolnshire Council have been informed of MAG’s decision and there will be no changes to staff or flight levels. MAG acquired a majority stake in Humberside Airport in 1999 for GBP10 million and since then, over GBP7 million has been invested. In Apr-2008, MAG began an eight-month review of its shareholding in Humberside Airport, but it was retained within the Group’s portfolio of airports because of a combination of positive business developments and a worsening economic climate. Although the value of the deal was not disclosed by either party, it has been reported by MenMedia and that the stake in the airport, which handles annual passenger numbers of 275,000, was sold for GBP2.3 million. [more - original PR]

Manchester Airports Group: “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," Charlie Cornish, CEO. Source: Company statement, 02-Aug-2012.

Eastern Group: “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," Bryan Huxford, Chairman. Source: Company statement, 02-Aug-2012.