Kent airport owner sells business park to cover passenger shortfall
30.06.05
A passenger shortfall at Kent Airport's budget airline EUJet has led to the airport's operator to sell off part of a nearby business park. PlaneStation Group, which owns both EUJet and Kent airport, is in talks with a property company for the sale of a 75% interest in the Kent International Business Park, Manston.
EUJet started flights from to Kent International Airport (the from Manston Airport) in September 2004. However, passenger numbers were lower than anticipated, leading to PlaneStation taking over the airline in January of this year, after making a call on shareholders for more money at the end of last year. Now PlaneStation is to sell assets to continue to fund the airline.
A statement from PlaneStation today said: 'The cash requirement within EUJet will be greater than originally planned [because passenger numbers] will fall below planned levels during its first year of operation.'
A spokeswoman said that the business park was a 'non-core property' and was therefore being sold to raise money for the core areas of developing Kent Airport and EUJetThe company will however keep a 25% interest in the business park.
PlaneStation said increases in oil prices had hit profits, but EUJet is making progress despite the disappointing numbers of people getting on board. The 300,000th passenger has flown and the 400,000th booking has been taken, the company said.
The statement added that, in a previously unknown market, PlaneStation now has 'a good understanding of the nature and size of the market from Kent Airport for low cost airline travel.'
PlaneStation also runs airports in Europe and America. Its share price hit a low of 4.75p on the announcement of the business park sale.
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