Owners confirm sale of Southend Airport is "progressing"

The owners of London Southend Airport confirmed in a results report that it is up for sale

The owners of London Southend Airport have confirmed they have "started the process" to manage its sale.

Aviation group Esken revealed financial concerns in its annual results report - and that it would be seeking new owners for its core businesses.

It said the airport was a "key strategic asset" and EasyJet investment proved "recovery is now under way".

Executive chairman David Shearer said "the case for the airport remains well founded".

London Southend Airport was bought by Esken - formerly the Stobart Group - in 2008 for £21m.

The airport struggled during the Covid lockdowns from March 2020, when passenger numbers at the Essex terminal dropped by 90%.

EasyJet has returned to the Essex airport after it pulled services during the Covid pandemic

Southend's three main carriers, Ryanair, Wizz Air and EasyJet, all pulled out of the airport when the pandemic began.

The airport's business development director admitted the firm took "a hammering" during the Covid restrictions.

However, in January, the owners secured the return of EasyJet and the opening of a new route to Amsterdam.

'Encouraging signs'

Mr Shearer said: "Our aviation business continues to make progress as demand recovers, with Southend Airport signing a multi-year partnership with EasyJet in January 2023 - the airline will now serve five destinations from the airport.

"We installed a new, experienced senior management team and the case for the airport remains well founded as demonstrated by the increase in routes served by EasyJet."

He added: "Over the last financial year, we secured a successful debt fund raising in difficult market conditions, completed a strategic review of our operating businesses, and are now progressing with our plans to sell our core operating businesses.. through a managed disposal process with a view to returning any remaining value to Esken shareholders."

The report, published on Wednesday, concluded that "there is no set timescale on the completion of the airport sale".

It said: "While signs are encouraging, the aviation industry as a whole has not yet fully recovered from the effects of the pandemic."

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