The sale of Exeter airport, the regional airport owned by Devon County Council, is close to completion with a buyer due to be selected next week.

After initially attracting around 60 potential buyers, the council has narrowed its choice down to a shortlist of five bidders, with the winning offer expected to be around the £40m mark.

The five remaining candidates are Exeter Devon Airport Partnerships (EDAP), Sydney and London Properties, South West Regional Airports, construction firm Balfour Beatty and Italian airport operator Save.

The EDAP consortium is headed by finance group New Smith Capital and property company Brockton Capital. It includes Jamie Guillen, the former CEO of Luton Airport owners Alterra Partners, and Steve Phillips, the former finance director of airport operator TBI.

The other consortium on the shortlist, South West Regional Airports, is the operator of Coventry Airport. 

The council's previous attempt to sell the airport, to Australian bank Macquarie, was blocked by the Competition Commission. 

Flights from Exeter airport serve around 30 foreign countries, including the USA and Canada, as well as domestic destinations. In 2004, its passenger numbers were up by 36%, more than any other airport in the UK. 

Accountancy firm Deloitte & Touche is managing the sale.