Wed, 14 Nov 2012 | BUSINESS SALE
Infatril has had no luck in finding a buyer for Prestwick Airport, it has been confirmed.
The New Zealand company put Prestwick and Kent airports up for sale in March this year but there has been no sign of a buyer for either business so far.
In fact, the value of the businesses has now fallen and Infatril has had to take an impairment charge of £22 million, leaving the value of Prestwick at around £14.3 million and Kent at £7.6 million.
The businesses recorded losses of a little over £2 million in the six months to the end of September. Meanwhile, the number of passengers travelling through the airports fell by more than 180,000 during the same time period.
However, much of Prestwick's income is derived from property, other aircraft activity and freight business, which was shown to have increased over the same time period.
Despite the drop in passengers, the owners have said that they will “continue to seek a buyer for the airports and work with local stakeholders to review alternatives”.
Infatril bought Prestwick Airport from Stagecoach in 2001 for £33.4 million. Before that, Stagecoach purchased the business from Canadian businessman Matthew Hudson in 1998.
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