BAA drops name, each airport to operate as stand-alone brand
UK's BAA stated (15-Oct-2012) that effective immediately, the name BAA will be dropped. Heathrow, Glasgow, Aberdeen, Southampton and Stansted Airports will operate solely under their own stand-alone brands. BAA (SP) Limited has changed its name to Heathrow (SP) Limited. BAA Funding Limited has changed its name to Heathrow Funding Limited. Amanda McMillan, Derek Provan, and David Lees will continue as the Managing Directors of Glasgow, Aberdeen and Southampton Airports respectively. Nick Barton continues as Managing Director of Stansted Airport, which the company is in the process of divesting as required by the Competition Commission. [more - original PR]
Heathrow: "We are a different company today from when BAA was formed. Over the last few years we have sold our stakes in Gatwick, Edinburgh, Budapest and Naples airports and we are in the process of selling Stansted Airport. The BAA name no longer fits. We do not represent all British airports; we are not a public authority; and practically speaking the company is no longer a group as Heathrow will account for more than 95% of the business. Dropping the BAA name marks a symbolic break with the company of the past. We want Heathrow’s focus to be on its customers, to continue to improve its operational performance and to carry on investing billions of pounds in new passenger facilities. This summer, the Olympics and Paralympics showed the UK and Heathrow at their best, delivering a welcome of which the UK could be proud. Now we have to build on that welcome still further, providing a better experience to our customers every single day."We are now starting the process of replacing the BAA name with each individual airport brand. We will continue to publish quarterly financial results for airports financed with publicly-traded debt. Following the sale of Stansted these results will therefore focus solely on Heathrow Airport," Colin Matthews, CEO. Source: Company statement, 15-Oct-2012.