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Tees Valley Combined Authority buys airport for £40m and eyes JV with Stobart

AIRPORTS

Andrew Forster
01 February 2019
 

The Tees Valley Combined Authority has authorised the purchase of Peel Airports’ 89 per cent shareholding in Durham Tees Valley Airport for £40.2m.

The acquisition will honour a pledge given by Ben Houchen, the CA’s Conservative mayor, in his 2017 election campaign.

Combined authority chief executive Julie Gilhespie told the board that the purchase was necessary to give the airport a long-term future. She said the airport was making losses and Peel had informed the CA that the...

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