Stobart Buys Southend Airport

UK Transport specialist Stobart Group has agreed to buy London’s Southend Airport from Regional Airports Ltd in a deal that could eventually be valued at £21 million. Under the terms of the contract Stobart will initially pay £16 million with a further £5 million payment subject to the “achievement of certain aspects of the airport’s development”.
“At one stroke we have found our southern base and greatly enhanced our position as a leading point-to-point service provider for customers in the UK and Europe who require fast and efficient services by air as part of their logistics solutions,” said Stobart Chief Executive Andrew Tinkler.
In a statement the company confirmed that it will continue with Regional Airports’ plans to develop the facility, including the construction of a new railway station and will use Southend to support its multi-modal strategy. “We have already started talking to a number of airlines to investigate new passenger services,” added Andrew Tinkler.
Stobart already has interests in the road, rail and sea sectors so the aviation business represents the final piece of the jigsaw. The company also holds an option to acquire Carlisle Airport in the north west of the UK and a planning application in respect of a £20 million investment programme for the facility was submitted in October 2008. Aspects of the project include the renovation of the current runway and the construction of a small terminal building.