Peel buys Liverpool John Lennon Airport back from Vantage
THE PEEL Group has regained control of Liverpool John Lennon Airport four years after selling a 65% stake to a Canadian investor Vantage.
In a statement the airport said Peel had bought back the shares, making it the sole owner. Vantage has declared it is refocusing on North America.
The value of the deal was not disclosed. The 2010 sale was estimated to be worth around £175m.
The airport said: “Peel believes that by investing in JLA, the business can be taken to the next level, attracting new airlines and new services by capitalising on the excellent operational and commercial performance.
“It will remain business as usual for airport employees, airlines and passengers, with JLA continuing to serve the needs of the travelling public in Merseyside and the North West.”
The airport’s chief executive Matthew Thomas said: “The airport is a key project in Peel’s Ocean Gateway programme, which will see £50bn of investment in the North West.
“As part of one of the region’s largest and most successful organisations, the Airport now enters an exciting period in its development as we work with partners across the City Region to grow services and passenger numbers.”
Accounts filed in January for parent company Vantage Airports UK Limited show it agreed a standstill deal until March on debts of £78.9m due to HSH Nordbank and Export Development Canada.
The directors said new facilities would require a partial repayment, involving a cash injection from both shareholders.
During the year to March 2013 group turnover slipped 17% to £38.2m and the business was left with a pre-tax loss of £24.7m, down from £29m last time.
