Southend Airport owner raises stake in Stobart Air

Southend Airport owner raises stake in Stobart Air
Southend airport owner Stobart Group today revealed plans to raise its stake in regional airline Stobart Air.
 
The infrastructure and support services company is acquiring stakes in the carrier and its aircraft leasing business Propius Holdings from Invesco Asset Management.
 
Stobart Group has agreed to acquire at least up to 40% of Stobart Air holding company Everdeal for £500,000 from Invesco, increasing its shareholding to more than 80%.
 
The group also plans to buy Invesco's 33.3% interest in Propius for £12 million, giving it a majority stake of 66.6%, with the remainder held by Aer Lingus.
 
Propius owns the aircraft and leases them on a long term basis to the airline.
 
Propius and Everdeal recorded pre-tax profits of $7.5 million and €500,000 respectively last year.
 
The group said: “These transactions will enhance Stobart's flexibility in building new passenger routes at London Southend airport with the aim of increasing passenger numbers to a run rate of over 2.5 million per year by 2018.”

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