Midas touch: deal makes Desmond €1bn richer

WHEN Dermot Desmond bought the near-bankrupt London City Airport from the building firm John Mowlem he probably didn’t believe that 11 years later it would net him a profit of a cool €1 billion.

Even five years ago, in the wake of the September 11 terrorist attacks, there were fears that London City might not survive in the heightened security environment given its proximity to the heart of the British capital.

But Desmond has developed the facility, shying away from the mass tourism market and focusing on short-haul business flights between London and the continent.