Airport sell-off nets county £60m

The airport is the base for Flybe

Devon County Council has sold Exeter International Airport for £60m.

It was bought by Regional and City Airports Limited (RCA) in a deal described by the authority as good news for the airport and the local economy.

Council leader Brian Greenslade said the council had doubled its money after a previous attempt to sell failed.

Exeter Airport, base to airline Flybe, was put back on the market in spring after the owners of Bristol airport pulled out due to competition concerns.

We shall take time and care on deciding how the money can be put to best use for Devon Council leader Brian Greenslade

Mr Greenslade said: "We have effectively doubled our money in just 12 months compared to the net figure the county council would have received had the first sale process last year been concluded.

"It is a vindication of our decision to put the airport back on the market again and the value of exercising cool, measured judgement."

He said no decisions had been taken on how the cash would be spent.

"We shall take time and care on deciding how the money can be put to best use for Devon," he said.

RCA, part of engineering giant Balfour Beatty, said it wanted Exeter to become "the natural airport of choice for the region".

'Totally committed'

It is the first time Balfour Beatty has been involved with running an airport and it is bringing management experts from London City Airport to assist.

A spokeswoman said: "It is a departure for us, but we bring the experience of running other high-profile projects like hospitals and schools through the Private Finance Initiative.

"We are totally committed to the airport."

The airport has been in the hands of the county council since it was sold by the Ministry of Defence after World War II.

It has only started becoming profitable in the last five years.

About one million passengers are expected to use the airport this financial year, up from 618,201 in 2004.