Airport's £25m sale to wipe debt to two councils

Gloucestershire Airport has been put up for sale for £25m

Part of the income from the sale of a £25m airport will be used to pay off any outstanding debts to two councils from a recent refurbishment of the site.

Gloucester City and Cheltenham Borough councils jointly own Gloucestershire Airport and it was put up for sale in October last year.

In 2021, the two councils borrowed £7.5m to revamp the 350-acre (142-hectare) site, which included closing one of three runways to make way for a new business park.

Gloucester City Council leader Jeremy Hilton confirmed the decision at its budget meeting last week.

The airport generated about £3.5m in operational income last year, the Local Democracy Reporting Service said, adding two business parks there made more than £1.2m per year.

Hilton said remaining income from the sale would be shared equally between the two councils once the debts had been wiped.

He added the deadline for first-stage bids for the property and business closed on 27 January.

"One of the conditions is that we expect the applicants to put in a proper business plan and investment plan in order to deliver further success for the airport," Hilton said.

"Any capital we see is shared fifty-fifty between Gloucester City Council and Cheltenham Borough Council.

"And any debts that the airport owes will be the first to be paid off and there's a loan for the runway."

The airport is mainly used for private and commercial flights, training and clubs - and brings in more than £50m each year to the local economy.