Halfpenny Green Airport snapped up in £4.5m deal
Wolverhampton Halfpenny Green Airport has been acquired in a £4.5m deal, after the Pegasus group bought Stockstame and its four subsidiary companies.
Sheffield-based law firm Taylor Emmet advised Pegasus and Halfpenny Estates, on the purchase of the 400-acre airfield site.
Originally built as an aerodrome for the Royal Air Force and opened in 1941, the airport is now a base for several general aviation operators and maintenance providers, including aircraft and helicopter flying schools, several private aircraft operators, and various non-aviation-based tenants.
Pegasus group managing director Tony Hall said: “Such a unique opportunity to acquire Wolverhampton Airport was one not to be missed. First and foremost, I’ve always been a huge aviation enthusiast and having learnt to fly at the airport it holds a place of special significance for me.
“The airport is somewhat of a local treasure so it’s importance in the area was a factor, not only for its resident pilots but also for the surrounding landscape and its neighbours. Lastly, the airport is a business which I hope to see progress and strive to become a thriving airfield for all to appreciate.”
The buyer was advised and assisted with the acquisition by Taylor Emmet’s head of corporate, Philip Jordan, and corporate partner, Charlotte Higgins, with help from legal assistant, Sophie Taft, and commercial property associate, Bryony Shaw.
Jordan said: “This transaction was challenging because, in addition to buying five businesses, one also had to adhere to the stringent regulations of the UK Department for Business, Energy, and Industrial Strategy regarding airport security and investment issues as well as the strict regulatory requirements of the Civil Aviation Authority for the airport licence.”
“The 400-acre airfield site also had 43 commercial leases that needed to be reviewed and reported upon to the client and the transaction finance provider. Because of this, the acquisition process was intensive”.
The Pegasus Group and the privately held commercial finance company, A Shade Greener Finance Limited (ASG) based in Tankersley, supplied acquisition funds. ASG was advised by Clarion Solicitors, Leeds, led by banking partner Philip Dine. The seller received advice from Mills & Reeve LLP’s Manchester office led by corporate partner, Vicky Protano.
