Go-Ahead sell airport firms (but not parking)
03.12.09
Train and bus operator Go-Ahead has exchanged contracts to sell all of its airport ground handling and cargo operations, allowing it to focus on its rail and bus activities. The announcement does not affect the company’s Meteor airport car parking businesses, which operate at several airports.
The company is selling ground handling and cargo operations at Heathrow and Manchester Airport to Middle East travel group Dnata for £15m. Airport operations outside Heathrow are being sold to Servisair for a ‘nominal’ consideration.
A Go-Ahead spokesman said that the transactions are expected to be broadly cash neutral, with the £15m proceeds offset by costs including future losses and residual liabilities. It will incur an exceptional accounting loss of £20m.
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