Hopes that investment plan of up to €8m will save Waterford Airport

The board of directors at Waterford Airport agreed that they were satisfied shareholder William Bolster's attempts to secure private sector funding have been successful and will soon be in place. File Picture

An investment plan for Waterford Airport of up to €8m to be announced in the coming weeks, which backers hope will preserve the company and give it a chance of resuming commercial flights.

The key shareholder in the regional airport has also ruled out receivership, amid fears for the future of the company which has been without commercial flights since 2016.

At a meeting on Wednesday evening, the board of directors agreed that they were satisfied shareholder William Bolster's attempts to secure private sector funding have been successful and will soon be in place.

It is understood documents were provided to the board to reassure that funds would be available for the company.

It comes after three years of extensions granted by the board as the company sought investment for its 900m long runway expansion, to match approximately €7m from the public purse.

The funding plan will be shared at an emergency general meeting for shareholders after directors meet in mid-June.

Speaking after the meeting, Mr Bolster said the directors "never discussed receivership" at the meeting and intended to hold an EGM in the coming weeks once the investment was closed.

Financial struggles

The airport has struggled financially in recent years. Annual emergency payments from the Department of Transport, which totalled €1.5m over three years, were pulled due to the pandemic.

A commitment of €5m capital funding for the runway extension was granted by the department in 2019, with the remaining €2m committed by local authorities in Waterford, Wexford, and Kilkenny.

The project was costed at €12m at the time however it is believed this has risen to €15-€16m due to inflation, and therefore the private sector funding must increase in line with rising costs.

A private consortium of South East companies including Coolmore Stud, Glanbia and Dawn Meats had reportedly agreed to invest €5m in the airport in return for an equity stake in the company, before the board sought backing from one investor instead. 

Attempts to secure an investor have been taking place since late 2019.