Durham Tees Valley Airport passes back into Peel Group ownership (From The Northern Echo)
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Durham Tees Valley Airport passes back into Peel Group ownership
3:58pm Friday 10th February 2012 in Darlington
Durham Tees Valley Airport
DURHAM Tees Valley Airport has passed back into the ownership of the Peel Group.
Peel Airports Limited has sold its majority shareholding in the airport to Peel Investments (DTVA) Limited, a wholly owned subsidiary of the Peel Group.
Peel Airports Ltd is 65 per cent owned by Vantage Airport Group (formerly Vancouver Airport Services) and 35 per cent by The Peel Group.
Peel Investments (DTVA) Limited is now the majority shareholder in DTVA, with the remaining minority shareholding continuing to be owned by the six local authorities.
This change of ownership will mean it will be business as usual for airport employees, airlines and passengers using the airport, the Peel Group says.
Craig Richmond, chief executive officer of Peel Airports Ltd, said: “Since announcing in December 2011 that we were seeking a buyer for our shareholding in the airport, we appreciate this has been a period of uncertainty for the staff, our airline customers, passengers and for the region as a whole.
“I am therefore pleased that we have been able to conclude this sale process, with our partners the Peel Group purchasing our shareholding and continuing to maintain the airport’s operational activities.”
Peter Nears, strategic planning director for the Peel Group, said: “We have seen significant interest and support for the airport from across the region during this difficult period and are looking forward to capitalising on this support and working with stakeholders in the region going forward.”
Sedgefield MP Phil Wilson: "It is good news. At least the airport is being kept open as going concern rather than going into administration, so we must look at it as a glass that is half full. But I still believe the airport is facing problems which Peel needs to address.
"I will be seeking an urgent meeting with Peel to see what will happen in the future because it is an important economic asset to the Tees Valley. Businesses, politicians, local people and the airport have to work together to ensure its success."
Stockton South MP James Wharton has also reacted to the news.
He said: “Hopefully, Peel Investments will now be able to make a success of this important piece of our regional transport infrastructure.
“We all want to see Teesside continue as a passenger airport and be as successful as possible, we must all now pull behind the new owners and encourage them to ensure it becomes the commercial success it should always have been.
“Peel’s previous track record was not great but this is a chance to put that right and get Teesside Airport back on the right track.”
See tomorrow's The Northern Echo for the full story and reaction.
Comments(5)
MST75
says...
5:54pm Fri 10 Feb 12
Guy Fawkes wrote:Yup about sums it up. Another great deal done by DBC etc
So what this means in effect is that Peel have bought out Vancouver's holding, and now have an outright majority shareholding.
I would anticipate their next move to be an ultimatum to the councils: either you stump up a lot of cash to cover MME's operating losses, or we close the place down and turn it into a housing estate (a decision which, as majority shareholder, they can now make unilaterally and without needing Vancouver's agreement).
Insp Clouseau
says...
9:07pm Fri 10 Feb 12
How many Peel companies are going buy a piece of DTV Land?
Moi thinks too many people started to look at Peel as a whole especially after their history of closing airports such as Sheffield Airport. Have a look at the history of this company and their broken promises to the councils.
Their next step will be to challenge the councils to put up or shut up and take the rest of the DTV shares.
Insp Clouseau
says...
9:15pm Fri 10 Feb 12
It will be interesting to see what happens next? Will they ask for a regional grant to convert pieces of DTV into another business park like the old Sheffield Airport which they closed after saying it wasnt viable? just like other clauses in the Sheffield Peel contract. Not a lot of people know that!
Keep up the good work Echo as you are one of the only papers covering the DTV saga in the region.
neilt63
says...
8:35am Sat 11 Feb 12
Guy Fawkes says...
5:09pm Fri 10 Feb 12
I would anticipate their next move to be an ultimatum to the councils: either you stump up a lot of cash to cover MME's operating losses, or we close the place down and turn it into a housing estate (a decision which, as majority shareholder, they can now make unilaterally and without needing Vancouver's agreement).