Tees Valley Combined Authority has announced that Stobart Group will be the operator of the local airport now that it has been brought under public control.
In January, Tees Valley Mayor Ben Houchen’s plan to acquire the airport was approved at a cabinet meeting of the combined authority.
The deal has seen Peel Group’s 89% shareholding in the airport and 819 acres of surrounding land transferred to the mayor and combined authority.
Stobart Group will now be responsible for the oversight and strategic development of the airport.
It will also seek to implement a 10 year rescue plan to increase passenger numbers to 1.4 million, secure a low cost carrier by 2022, and drive the creation of 7,600 jobs.
‘We have been in discussions with Stobart for quite some time and have worked together on our 10 Year Rescue Plan that will help us see the airport become the success we know it can be,’ said Mayor Houchen.
‘Stobart is a huge company with significant experience, knowledge and expertise in the aviation sector. They’re no stranger to turning around airports – just look at what they have achieved at London Southend and Carlisle Lake District Airport.
‘Stobart will hold a minority share in our airport with a clear and overwhelming incentive to turn it around. They have the experience, credibility and relationships with airlines to make Teesside fly again and they’re the right partner for Teesside.
‘This airport has been run into the ground and was just months away from closure, but we will bring it back from the brink and turn it around. This isn’t a quick fix and it will take time - but we’re ready for the challenge ahead.’ ?
