TBI , the London and Cardiff-based property investment and development company which acquired Cardiff Airport last year, looks set to take a controlling interest in Coventry Airport next month.
Coventry Airport is owned by the council and is run by Airport Management & Investment. But under a joint venture agreement, AM&I, backed by TBI, is to take 80% of the shares with the council holding 20% John McGuigan, the council’s policy director, said a formal date for the transfer of Coventry Airport to the new joint venture company has been set for 1 June.
McGuigan said: “We welcome the involvement of TBI which can bring financial, property and airport expertise to support AM&I’s management strength and experience.”
TBI was created by the reversal of Thomas Bailey Investments into Markheath. The chief executive is Keith Brooks.
The deal reflects the fact that Government restrictions on the capital funding of local authority owned airports is forcing councils to form joint ventures with the private sector. TGI is believed to be eyeing up other local authority owned airports.
TBI announced today (Thursday) that the international departure lounge at Cardiff Airport will be doubled in size to provide 2,400sq m (26,000sq ft) of airside tax and duty free shopping. Pizza Hut and Kentucky Fried Chicken are to open a combined unit. Allders will increase its presence at the airport by another 50% and Midland Bank is also to take a unit. A new scheduled air service between Cardiff and Dublin by Ryanair began yesterday.
EGi News 17/05/96
