Exeter Airport is poised to be acquired in a multimillion-pound transaction encompassing two additional regional airports in England.
According to BBC sources, investment firm ICG has reached an agreement with Rigby Group for the purchase of the Devon-based airport, alongside Bournemouth and Norwich airports.
Sky News reports the deal is valued at £200 million. The BBC understands that key business figures in the South West have been briefed on the impending sale, with an official announcement expected on Monday.
Both ICG and Rigby Group have refrained from commenting on the matter when contacted by the BBC.
Exeter Airport, situated in the village of Clyst Honiton, commenced operations in 1937. It currently offers commercial flights to various domestic and international destinations, including Edinburgh, Amsterdam, and Lanzarote.
During World War II, the site served as a base for fighter aircraft, notably the Polish Air Force’s 307 Squadron, who famously defended Exeter from a Nazi bombing raid in May 1942.
The airport has undergone significant expansion, with the Princess Royal inaugurating a new arrivals building in June 1999, followed by the opening of a £950,000 departure lounge four years later.
In January 2007, Devon County Council divested the airport to Regional and City Airports, a specialist airport investment and development group managed by Balfour Beatty, in a £60 million deal.
Balfour Beatty subsequently sold the airport to Rigby Group for an undisclosed sum in June 2013.
Airlines currently operating from Exeter Airport include Ryanair, KLM, Aer Lingus, and TUI.
The airport also served as a base for Flybe prior to the airline’s administration and liquidation in 2020.
In August of the previous year, airport executives announced that the site had achieved profitability for the first time since the Covid-19 pandemic.
According to its owners, the airport generated a profit of just over £1 million in the 12 months leading up to March 2024, representing a £2 million improvement compared to the previous year.
Passenger numbers also experienced growth, reaching 435,000 compared to 402,000 in the preceding year, marking an 8% increase, according to an airport spokesperson.
In November, the airport reported that 337,993 passengers had transited through the hub from April to October 2024, reflecting an increase of 15,740 compared to the same period in the previous year.
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