Partner Article

Future of Tees Valley Airport secured

The future of Durham Tees Valley Airport is now safe, after its owner Peel Airports Limited concluded the sale of its majority shareholding to Peel Investments (DTVA) Limited, a wholly owned subsidiary of the Peel Group.

The Vantage Airport Group own 65% of Peel Airports, while The Peel Group own the remaining 35%. Peel Investments will now be the majority shareholder in the airport, with the minority continuing to be owned by six local authorities.

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.”

Peel Airports Limited has 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 airport employees, airlines and passengers using Durham Tees Valley Airport.

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.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .