Closure of Airport

RNS Number : 5931F

Sutton Harbour Holdings PLC

28 April 2011

 



For Immediate Release                                                                                                                                 28 April 2011

Sutton Harbour Holdings plc (the "Company")

Closure of Airport

The Company today announces that it intends to cease the operation of Plymouth City Airport by the end of 2011. Plymouth City Airport has been loss making for a lengthy period of time and the Board has concluded there is no realistic prospect of trade improving in the near future.

Plymouth City Airport Limited, a wholly owned subsidiary of the Company, holds a 150 year lease agreement with Plymouth City Council for the airport (143 years unexpired at a peppercorn rent). The Company will retain the lease following the closure of the airport.

In line with its stated intention the Company  is focused on waterfront regeneration and developing new opportunities closely related to its core marine and regeneration activities.

 Enquiries:                                                                                                                                     

Nigel Godefroy, Chief Executive                                 Tel: [phone]      

Sutton Harbour Holdings plc

Bobbie Hilliam/Patrick Castle,
Evolution Securities                                                         Tel: [phone]

Richard Day, Arden Partners                                         Tel: [phone]

Paul Vann, Winningtons Financial                              Tel: [phone] or 07768 807631

 

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