Mon, 19 Dec 2011 | BUSINESS SALE
Peel Airports Limited has announced that it is to sell off the struggling Durham Tees Valley Airport as the hub ‘no longer fits its strategic plans.’
Peel Airports owns the majority share of Durham Tees Valley – 75 per cent – whilst the remaining 25 per cent is owned by six local authorities. The airport operator also runs Liverpool John Lennon Airport and also Robin Hood Airport in Doncaster.
The operator released a statement detailing their plans for the sale of the airport, which read, “Peel Airports Limited has decided to sell the majority shareholding it holds in Durham Tees Valley Airport.
"As a consequence, PwC have been appointed to actively seek a buyer for these shares and to oversee any subsequent sale process. Durham Tees Valley Airport will continue to operate as normal during this process with passengers due to travel over the coming weeks and employees based at the airport unaffected by this decision,” the statement added.
The airport has been struggling following the departure of a number of its operators over the last five years. A reduction in passenger numbers – they fell to a 35-year low last year – has also plagued the airport.
A £6 ‘passenger facility fee’ was rolled out last year in an attempt to help to reduce the airport’s losses.
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