Member Article

Newcastle airport ‘to be put up for sale’

Newcastle International airport is reportedly being put up for sale as the local authorities that own it try to repay a £320m loan, according to a report.

Seven councils, which own 51% of the airport, have appointed KPMG to advise them ahead of a 2013 deadline to reduce the debt.

It has been claimed that accounts for the firm that controls the councils’ stake was £4.2m in the red in 2009 after paying our almost £22m in interest.

The councils are said to need a new equity investor to put cash into the business or they will have to sell their own stake.

The authorities are Durham, Gateshead, City of Newcastle, North Tyneside, Northumberland, South Tyneside and City of Sunderland.

This was posted in Bdaily's Members' News section by Ruth Mitchell .