Partnership buys Coventry airport in major deal
The Warwickshire airport has now been bought by CAFCO-C, a partnership between American Convergence-AFCO, an airport management firm and Irish-based developer Howard Holdings.
Airport bosses revealed the deal was signed by CAFCO for an undisclosed fee, two years after holiday company Thomson bought the airport to run its low cost airline, Thomsonfly.
They say the agreement will pave the way for the expansion of the airport that is next week due to embark on a planning inquiry for a new terminal.
The plans include providing facilities to deal with 2 million passengers a year.
Bill Savage, airport chairman, said the new owners fully backed the plans for the new terminal, but said passengers would see no immediate effect on the day-to-day running of the airport.
There are currently 1,200 staff and that number was expected to grow to 2,200 with the new terminal.
Peter Rothwell, managing director of TUI UK, the holding company for Thomson, said: “Today’s announcement is great news.
“It was not in our business plan to purchase an airport. However, it was necessary to take ownership in order to ensure successful operation of our low fares flights with Thomsonfly.com.”
Leader of Coventry City Council Ken Taylor said: “This is good news for Coventry and the region as it shows massive commitment to the city’s future.
“The new owners have made it clear that they see Coventry as their gateway to Europe and there are potentially huge benefits for us all in terms of economic growth and prosperity.
“Around 1.2 m passengers have used the airport over the past two years and I’m delighted that TUI has been able to make such a success of the airport and so attract this major long term investment.”
