PWC gain MAG review role
05.06.08
Manchester Airports Group (MAG) has appointed PricewaterhouseCoopers (PWC) as part of the review of its majority shareholding in Humberside Airport. A spokesman for MAG said PWC will act on its behalf in exploring a possible sale of its stake in Humberside Airport.
MAG has an 82.7% stake in Humberside Airport, which it bought in 1999 for £10m. It has since invested £7m upgrading the infrastructure of the airport. However, it is reported to have decided that the future prospects for the hub, where passengers have stagnated at 0.5m a year, do not match its ambitions and that it should focus on its other airports - Manchester, East Midlands and Bournemouth.
The review, which began in April, will consider all the options to secure the best long-term future for Humberside Airport including a sale, the spokesman said. It is expected to be completed by the end of 2008.
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