Durham Tees Valley Airport for sale
15.12.11
Durham Tees Valley Airport has been put up for sale. Majority owner Peel Airports has announced it is to sell its shareholding as the airport ‘no longer fits within the company's strategic plans for its portfolio of airports’.
Peel Airports owns 75% of Durham Tees Valley Airport. Six local authorities have owned the remaining 25% since 2003, although Peel recently announced that it would convert its loans to shares. It the councils do not contribute £4.3 million, Peel's shareholding will increase to 89.2% and the councils to 10.8%.
PricewaterhouseCoopers have been appointed to seek a buyer for Peel's shares and to oversee any subsequent sale process. The airport will continue to operate as normal during the sale process for passengers due to travel over the coming weeks and employees based at the hub.
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