Erinaceous Group plc is expected to be selected as the preferred developers of Shoreham airport at tomorrow’s meeting of the Council’s Policy & Resources Committee. Does this mean it is one the way to becoming Brighton International Airport?
Other possible preferred bidders for the airport are
- Babcock & Brown
- ICG and James Smith Estates
- British International Trinity Wellington
Erinaceous is on the official list of the London Stock Exchange with a market capitalisation of over £250million, net assets of over £90million and cash at bank of £17.7million. The group has over 3,500 employees and is an experienced operator in the public and private sectors with a strong track record in urban regeneration.
The Erinaceous Project Manager for this Shoreham Airport project [Nick Cummings] has extensive aviation experience. He worked for BAA plc for six years on a range of projects including the development of BA’s Crew Reporting facility and the World Business Centre at Heathrow Airport alongside numerous developments at regional airports. After leaving BAA PLC, he became the founding director at Hines Air Property where he worked for five years before joining the Erinaceous Group.
The sale of Shoreham Airport on long lease to the preferred bidder will realise a capital receipt that will be used to clear the Airport’s outstanding debt, including a pension fund deficit. The remaining proceeds will be shared between the Owning Authorities i.e. Worthing Borough Council and Brighton & Hove City Council.
With extension of the existing runway aviation plans could include flights to other UK destinations and Europe - including Paris, Amsterdam and Dublin
The proposed date of the transfer of Shoreham Airport is 1st April 2006 on a 150-year lease.
Read related items on:
Brighton & Hove City Council
Erinaceous Group plc
Worthing Borough Council