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Shoreham Airport goes into administration

12:18pm Monday 14th April 2008

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Shoreham Airport has gone into administration.

Trading in shares of airport owners Erinaceous Group PLC were suspended this morning.

Erinaceous has debts in excess of £250m.

Jim Tucker and Myles Halley of accountants KPMG have been appointed joint administrators of Erinaceous Group PLC, the parent company of the Erinaceous Group.

A number of the group's operations, including Erinaceous Insurance Services, remain outside of any insolvency proceedings and continue to trade as normal.

Mr Tucker said: "Erinaceous has grown rapidly through acquisition in recent years. Although the insurance division continues to perform well, and we expect to announce the completion of its sale within days, the rest of the group has struggled to integrate its acquisitions and has been loss making."

He said it was too early to tell how many of its 4,000 employees would be affected.

More details about how the airport would be affected were expected later.

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Your Say YourThe Argus

Dave, At home says...
12:36pm Mon 14 Apr 08

Well Shoreham does not have 4000 employees. Can't say this was not unexpected. Maybe the Council should buy it back again and do something proper with it.

Haha, where will Hotel 900 go now lol...

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rusco, Worthing says...
1:03pm Mon 14 Apr 08

Wait until Rynair buy the airport, turn the runway round to east West so they can use it for larger aircraft. The people who've just properties in Ropetackle will be pleased!

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Boing boring, not sure instrument packed up says...
1:48pm Mon 14 Apr 08

rusco wrote:
Wait until Rynair buy the airport, turn the runway round to east West so they can use it for larger aircraft. The people who've just properties in Ropetackle will be pleased!
won't happen. Can you imagine the outcry?

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Hedgehog, Southwick says...
1:54pm Mon 14 Apr 08

Dave wrote:
Well Shoreham does not have 4000 employees. Can't say this was not unexpected. Maybe the Council should buy it back again and do something proper with it. Haha, where will Hotel 900 go now lol...
Have some sympathy for those whose jobs are at risk. Not just at Shoreham but across the UK.

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Lou, Brighton says...
2:08pm Mon 14 Apr 08

Boing boring:
If the local council decide to sell it to Ryanair (or whoever!) the opinions of the locals will be completely overlooked (as usual!)

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Stuart, says...
2:09pm Mon 14 Apr 08

Jonathan, you may want to (if you're not doing so already)look into Eranacious and the way they've bought up other companies and the sums they've paid for them compared to what they're actually worth. There MUST be some pretty dodgy dealing going on there and I know how you like to get your teeth into a good story !

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The Wombat, Zog says...
2:33pm Mon 14 Apr 08

I haven't got a clue about high finance, but how can a company be allowed to owe £250m and still be trading?

I have people on my case when I owe a fiver.

All these smart-alick pin-striped twits with smug looks on their faces make me sick. The Bank of England was taken by surprise over the Northern Rock cisis. My mate works for a high street bank and tod me two years ago NR had problems. They were paying higher rates to depositers than other banks/Building Societies on a consistent basis.

If my mate could see it coming, how come the clowns in Threadneedle Street were caught out?

Too many people from the old-boys network who have never done a days work in their lives.

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AJL, Brighton says...
2:39pm Mon 14 Apr 08

This is very bad news and could lead to the loss of an important amenity and employer for the city. The mismanagement at Erinaceous stinks - when the airport was council owned it turned a profit and that was before passenger services to France and the Channel Islands began.

Shoreham is a historic airport (the oldest in the UK), is one of only a handful of general aviation airfields in the south of England, and is an important asset for the city - IT MUS BE SAVED! Brighton does not need another retail park!

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Stu, Hove says...
2:42pm Mon 14 Apr 08

"More details about how the airport would be affected were expected later"

Well it's closed and not accepting any air traffic...

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Biggles, circling at 2000ft says...
3:23pm Mon 14 Apr 08

Well it's closed and not accepting any air traffic...


Tell me about it!

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A, Shoreham says...
3:46pm Mon 14 Apr 08

Lou wrote:
Boing boring: If the local council decide to sell it to Ryanair (or whoever!) the opinions of the locals will be completely overlooked (as usual!)
Er... the council don't own it to sell it. And why would Ryanair buy Shoreham Airport? Ryanair run cheap flights by using cheap slots at regional airports, they're not going to blow millions on Shoreham.

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Bob, BN says...
3:52pm Mon 14 Apr 08

Actualy, I think the city council do still own it but Erinaceous were operating it (possibly on a lease or similar arrangement). Any Ryanair talk is just a red herring - the runway is too short for those sort of aircraft.

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Me, Here says...
4:23pm Mon 14 Apr 08

The Council did sell it, lock stock and barrel.

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Bobby, Hanover, Brighton says...
4:23pm Mon 14 Apr 08

No doubt Brighton's Green politicians will be delighted. They'd rather we all rode around on goats!

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joe, brighton says...
4:39pm Mon 14 Apr 08

bring back the old managment under councillor middleton then the airport was buzzing and making a prophet.

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Dave, At home says...
4:39pm Mon 14 Apr 08

BAd news that the whole airfield has been closed, this will affect a lot of non airport related businesses now. Someone better do something pretty **** fast...

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Insolvency, Shoreham says...
4:45pm Mon 14 Apr 08

Dave wrote:
BAd news that the whole airfield has been closed, this will affect a lot of non airport related businesses now. Someone better do something pretty **** fast...
er...this isn't what administration actually entails...

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Insolvency, Shoreham says...
4:45pm Mon 14 Apr 08

Dave wrote:
BAd news that the whole airfield has been closed, this will affect a lot of non airport related businesses now. Someone better do something pretty **** fast...
er...this isn't what administration actually entails...

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Biggles, says...
5:39pm Mon 14 Apr 08

Stu wrote:
"More details about how the airport would be affected were expected later"

Well it's closed and not accepting any air traffic...
Only while they sort out the insurance postion. According the the BBC news website, it might reopen tomorrow.

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Graham Hesketh Pilot, Europe says...
5:55pm Mon 14 Apr 08

Shoreham is an excelent airport for private aircraft. It cannot fail to turn a profit unless it is miss managed. John Haffenden is a very nice chap but to be fair he spent huge amounts of money on un neccesary things. If I were airport manager I would have made lots of money for the airport and everyone who has businesses there. And I would have allowed the bars back with the social life and the comfy sofas.

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Graham Hesketh Pilot, Europe says...
6:12pm Mon 14 Apr 08

I will buy shoreham airport. I will give you £1.

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dc, sussex says...
6:32pm Mon 14 Apr 08

"""All these smart-alick pin-striped twits with smug looks on their faces make me sick."""

yes this is what happens when university students finish their degrees, and go straight into a high power decision making job, BUT WITH NO REAL LIFE OR WORK EXPERIENCE!!!
sorry to rock your boats but it's true!!

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Stroller, Hove says...
8:09pm Mon 14 Apr 08

Some explaining to be done by the Councils for their thinking this should be the "preferred bidder" (absurd phrase).

And when will they come clean about the landfill fiddle? They lost a million over that.

What are Haffenden's qualifications for "running" the Airport?

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S, Sussex says...
10:28pm Mon 14 Apr 08

The airport is too small to be a regional airport and should be closed so the land can be freed up for something more useful - like desperately-needed housing!

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Fiona Mont, says...
12:15am Tue 15 Apr 08

Bring back the Baron is what I say. The only flying club that ever turned a profit because it was run by a man who loved people, planes and believed that everyone is entitled to fly.

Aviation should be open to all, not just the rich and that's why they never liked Graham Hesketh down there, because he stood for the little person, God bless him.

No snobs allowed was his clubs policy and quite right too.

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Fiona Mont, says...
12:29am Tue 15 Apr 08

Graham Hesketh on youtube when he was running his flying club circa 1998

<object width="425" height="355"><param name="movie" value="http://www.yo
utube.com/v/-jz6QjU9
gK0&hl=en"></param><
param name="wmode" value="transparent">
</param><embed src="http://www.yout
ube.com/v/-jz6QjU9gK
0&hl=en" type="application/x-
shockwave-flash" wmode="transparent" width="425" height="355"></embed
></object>

Anyone who remembers the Baron will remember good times at Shoreham Airport.

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Fiona Mont, uk says...
12:36am Tue 15 Apr 08

Graham Hesketh

http://uk.youtube.co
m/watch?v=-jz6QjU9gK
0

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F.O. Kite, Ditchling says...
2:56am Tue 15 Apr 08

Saving Shoreham is vital to Sussex and the Flying fraternity. Ben Gunn would turn in his grave if he could see what's going on now. So would Richard Almond. Let us remember all the Shoreham personalities and keep the field open in their memory. SHOREHAM, BROOKLANDS, FORD - ALL important historic sites in the History of Aviation.

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steve, Brighton says...
7:05am Tue 15 Apr 08

S wrote:
The airport is too small to be a regional airport and should be closed so the land can be freed up for something more useful - like desperately-needed housing!
The way things are going we will have all the cheap housing we want in a few years - more than we need - no need to build more, just wait as Crash Gordons debt built boom turns to bust and there will be empty houses everywhere. Any fool can cause a boom on the back of borrowed money - oh look one did!

The failure of this business isn't the first and it won't be the last - expect more of this type of headline - a lot more.

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Phil, Kemptown says...
7:58am Tue 15 Apr 08

The airport was purchased by the Group under a 150 year lease

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Allan, Shoreham says...
8:51am Tue 15 Apr 08

I mist take issue with the comment about the airport by Joe and the management under Councillor Middleton. The airport was not buzzing then, it was dying. Nothing happened to start the regeneration until the volunteers of the RAFA commenced the charity airshows some in the early 90's. This bought the public back in and revitalised the airport.

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Peter, Plumpton says...
9:45am Tue 15 Apr 08

We need Shoreham airport give it back its railway station on the main line passing along its southern edge. Allow people to come from London, Surrey and Sussex by rail. Allow more of the small 15 seater aircraft to fly to the small airports like Pontoise on the edge of Paris. Check-in at Shoreham is 15 mins. Makes much more sense than T5.

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Get a grip, The Real World says...
1:01pm Tue 15 Apr 08

This loss-making aerodrome (airport is rather over-egging the pudding IMHO) should be put out of its misery and that of the surrounding residents. The land could be used for far more lucrative and/or essential purposes than is currently the case. Shoreham 'Airport' is too small to be of real value and will never make money - forget the sentiment, close it down and move on!

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janet thompson, hove says...
7:39pm Tue 15 Apr 08

Did they buy the airport and deliberatly go bust. Their sister company has bought the airport probably in order to build houses. It stinks, they will make millions at the expense of local businesses.

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Cecil Pashley, Shoreham says...
10:51pm Tue 15 Apr 08

there is a new shoreham airport forum for discussion at http://shorehamairpo
rt.forumotion.co.uk

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Bad Co., TRNC says...
7:40am Wed 16 Apr 08

The council have surely been waiting for this to happen, the next thing they await is the bungs to release the land for building permission. Remember the last scam of runway realignment.
lets hope they use the money to build a new airport on the other side of Btn..

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