Member Article

US hedge fund looks to reopen Manston Airport

RiverOak, a US hedge fund, has made a bid to reopen Manston Airport following its closure in May 2014.

A pre-application has been made to planning inspectors for a Development Consent Order (DCO) which would see the blighted airport resume operations as a freight gateway.

According to the National Infrastructure Planning, RiverOak submitted a planning application this month, with a full application expected by the fourth quarter of this year.

Original plans by the hedge fund to reopen the airport with Thanet Council collapsed after the council believed RiverOak did not fulfill the requirement to become an indemnity partner.

RiverOak expanded on its plans for the airport on its website, stating: “Following a successful CPO, the focus will be on re-establishing the airport’s cargo business, particularly on perishable cargo, which successfully represented Manston’s core business for several years prior to its closure.

“Perishables are considered by the aviation industry to be the most rapidly growing airfreight sector and Manston Airport is ideally suited, geographically and with the physical infrastructure of a long runway, hangars and space for development, to cope with virtually any level of demand.

“We also plan to build up to five new hangars offering extensive capability for aircraft maintenance repair and overhaul operations (MRO) and aircraft recycling.”