Peel Airports losses soar to £11m after Durham sale

LOSSES soared from £3.2m to £11.4m at Peel Airports as a result of a one off impairment charge of £8.8m - following the sale of Durham Tees Valley Airport to its shareholder Peel Group in February.

Peel Airports, which is 65% owned by Canadian group Vancouver Airport Services and 35% owned by Manchester-based Peel, sold its stake in Durham Tees Valley back to its original parent Peel Group for a nominal sum after no other buyer for the asset could be found.

In the run up to the deal Peel Airports converted... For the full story register now for free or login below...