16 Oct 2013

Infratil to sell Kent airport for one pound

9:47 am on 16 October 2013

The woman to whom Infratil is selling its struggling airport in Kent belongs to a family the infrastructure investor has known for more than a decade.

Infratil is selling the Manston Airport to Ann Gloag for just one British pound.

Ms Gloag is the co-founder with her brother, Brian Souter, of the British listed public transport company, Stagecoach.

The sale, which settles on 29 November, will include adjustments for such items as any cash Infratil has put in since 14 October.

The nominal sale follows last week's announcement that Infratil was cutting its losses by essentially giving its Glasgow Prestwick airport to the Scottish Government.

The Prestwick and Manston airports lost nearly $10 million in the 12 months to the end of March when Infratil wrote down their value by $53 million.

Infratil's chief financial officer Kevin Baker says his company will write off the Kent and Glasgow airports' nominal value of £11 million in its September accounts.