On February 10, Peel Airports Limited (PAL) announced that it has concluded the sale of its majority shareholding in Durham Tees Valley Airport to Peel Investments (DTVA) Limited (PIL), a wholly owned subsidiary of the Peel Group, thereby: “securing the continuation of operations and business at the airport.”
PAL is 65% owned by Vantage Airport Group (formerly Vancouver Airport Services) and 35% by The Peel Group. PIL is now the majority shareholder in Durham Tees Valley Airport, with the remaining minority shareholding continuing to be owned by six local authorities.
A statement from PAL said that it had been asked by the Peel Group to act in an advisory role to assist with the day-to-day operations at the airport. This change of ownership will mean it will be business as usual for the employees, airlines and passengers using Durham Tees Valley Airport.
Craig Richmond, Chief Executive Officer, Peel Airports Limited commented, “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 commented, “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. ”