Member Article

£2m cash boost for Manston Airport ahead of CPO decision

A US company has invested £2m in the Manston Airport project, which is currently in a bid to with a compulsory purchase order.

The defunct airport was sold to private developers, Trevor Cartner and Chris Musgrave, after it closed in May 2014.

In May 2015, the newly-elected, UKIP-led Thanet District Council confirmed it will review the decision by its predecessors not to pursue a compulsory purchase of the Manston Airport site.

The current landowners want to develop the airport into a mixed-use development for businesses and homes, creating thousands of jobs in the process.

RiverOak has offered the cash to help the council cover legal costs should it decide to pursue the purchase, according to the BBC.

In a statement the group said: “We can now confirm that RiverOak have deposited $2m into their solicitors client’s account.

“This will be topped up to £2m and moved into an escrow account as soon as the indemnity agreement is signed.”

This was posted in Bdaily's Members' News section by Ellen Forster .