Go-Ahead to sell airport firms (but not airport parking)
03.12.09
Train and bus operator Go-Ahead has exchanged contracts to sell its airport ground handling and cargo operations to focus on its rail and bus activities. The announcement does not affect the company’s Meteor car parking businesses, which operate at several airports.
The company is selling ground handling and cargo operations at Heathrow and Manchester Airport to Middle Eastern travel group Dnata for £15m. Most airport operations outside Heathrow are being sold to global aviation company Servisair for a ‘nominal’ consideration.
A spokesman said that the transactions are expected to be broadly cash neutral, with the £15m proceeds offset by costs such as future losses and residual liabilities. It will also incur an exceptional loss of £20m.
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