Councils in airport talks

The councils say the airport needs improvement

Norfolk County Council and Norwich City Council are in talks about the future of the city's airport.

The councils announced on Tuesday that they are working with TBI plc to finalise the details of a sale, which could consist of 75.1 per cent ownership for the firm.

TBI this week confirmed it is interested in buying a stake in Norwich International Airport.

The company already owns three UK regional airports at Luton, Cardiff and Belfast.

Investment partner

The city and the county will divide the proceeds from the sale on a 40/60 basis in line with their current holdings.

The councils have said they need a private sector partner to fund major improvements, expand services and make the airport more competitive with others in the UK.

TBI has recently invested £6m in Luton Airport and has spent £20m upgrading Cardiff Airport over the last eight years.