Change in ownership at Coventry airport but no change in plans
07.01.06
German tour operator TUI announced this week that it has sold Coventry Airport to a newly-formed Irish - American owned company for an undisclosed sum. But those hoping that the change of ownership would stall the development of the airport will be disappointed, as the new owners have pledged to continue with its expansion plans.
New owners CAFCO-Coventry Limited, made up of Anglo-Irish property developers Howard Holdings and CAFCO Holdings - an Anglo-American management company - made the announcement on Thursday morning.
The sale has been made prior to the planning inspectorate's decision about the validity of the current passenger terminal and a second public inquiry - due to start next week - concerning plans to increase it to deal with 2 million passengers a year.
CAFCO-Coventry chairman Alan Robinson explained the airport was an ideal site to begin the company's involvement with regional airports across the UK. He added: 'Coventry airport is the right size, it has the right relationship with Coventry City Council and the right role. The growth and model here is the way of the future.'
'The managing director Bill Savage and his team have raised the number of passengers from 8,000 a year to 800,000 and they have been given good service - it is a safe and quick experience and the satisfaction level is very high. I think there is something for us to learn here so we can take this model into other locations.'
TUI, which has owned the company since February 2004, will continue to operate the low-cost airline Thomsonfly from the airport. It's managing director, Peter Rothwell, said: 'It has been a very interesting time since February 2004 - it seems longer than 2 years.'
'A lot of passengers have travelled from Coventry Airport and the time has been very helpful to us. It has allowed us to launch Thomsonfly which is part of a new approach to air fares. It has been very good for the economy and it has put Coventry on the map with an international airport.'
'We are very confident the permanent terminal permission will come along in due course. We are very committed to Coventry - it has a very long-term future.'
It was confirmed that all 1200 jobs at the airport were safe and this figure was expected to rise to 2200 if the application for the enlarged passenger terminal was successful. With the change in ownership, current airport managing director Bill Savage will become its executive chairman.
He said: 'I have worked in airports for more than 30 years and I have been really happy working with TUI, but it is a tour operator and not an airport management company. CAFCO-C has the ability to take Coventry Airport forward.'
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