Plans to sell Gloucestershire Airport have fallen through after councils confirmed they were unable to reach an agreement with a prospective buyer.
Cheltenham Borough Council and Gloucester City Council, which jointly own the airport, said negotiations with Horizon Aero Group had ended after the company’s revised terms moved significantly away from the original bid proposal.
The councils said they were disappointed an agreement could not be reached following a lengthy period of due diligence and negotiations aimed at securing the best long-term outcome for the site and the wider regional economy.
Rowena Hay, leader of Cheltenham Borough Council, said the authority had a duty to ensure best value from any sale and acknowledged the decision may cause concern for employees and businesses based at the airport.
Operations at the airport will continue as normal while the councils work with tenants, operators and stakeholders to consider alternative options for its future.
