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Job axe fear over new sale of airport
Concerns grew today for the
future of Shoreham airport
with reports its owners may be
bought out by a private equity
company.
Jobs could be axed if asset strippers
take over - though some
believe new owners could fuel the
airport's expansion.
Rival companies Bridgepoint
and 3i are competing to buy out the
airport's controversial owner,
Erinaceous.
The Croydon-based property
firm bought the airport only last
year and has since been investigated
over a £10 million fraud
scandal.
It is now the subject of a £375 million
buy-out, amid fears new
owners could hive off land for
development, close businesses, or
cut the airport from the Erinaceous
portfolio.
But a possible expansion transforming
the airport into a gateway
to Europe could also come back
into contention. Tony Mernagh,
executive director of Brighton and
Hove Economic Partnership, said:
"Private equity firms are a bit of a
mixed bag. Some are very good
news and some considerably less.
"Erinaceous was never going to
develop it into Brighton and Hove
City Airport, which is unfortunate.
"However, it made it clear it
wanted to improve the employment
side of it - which is very
important for the city.
"I would hope whoever takes
over carries on with plans to
upgrade and enhance employment
space.
"It could be a reasonable investment
as long as it's not bought by
someone who wants to come along
and make a quick buck."
The airport has about 30 companies
offering charter flights, aircraft
maintenance, flight schools,
and air traffic control training.
Executive and pleasure flights
depart for a growing number of
destinations and the Sussex Police
helicopter unit is also based at the
airport.
Erinacious had pledged not to
extend runways for bigger aircraft
in the near future but that, too,
could be back on the cards.
Mr Mernagh said: "The airport is
quite a considerable employer but I
don't think it has the sorts of assets
that could be stripped. It's not a
huge money-spinner but it could be.
"Hopefully they may well see it
has the potential to become a
proper regional airport. The land
around it could also be developed
as office or warehouse space."
Mark Froud, chief executive at
Sussex Enterprise said: "Shoreham
airport is a thriving local business
that provides hundreds of jobs and
premises for local companies, so we
would want to see a firm commitment
this will continue."
Erinaceous would confirm only
that it has entered talks designed to
lead to a takeover bid.
11:44am Tuesday 24th April 2007
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