07-01-2003
Peel, The Preferred Partner For Teesside International Airport

Peel Airports Limited, the owner and operator of Liverpool John Lennon Airport and part of the Peel Holdings p.l.c. transportation and property group, has been selected by the local authority shareholders in Teesside International Airport as the preferred bidder for a major stake in the business.

It is anticipated that Peel will take a majority share in the Airport company and will drive forward a programme of investment to progress the development of the Airport.

Robert Hough, Chairman of Peel Airports, said "Teesside International Airport has seen significant improvements, but in an increasingly competitive market for air services, is now entering an important phase in its development. We believe this proposed investment by Peel will enable its full potential to be achieved, providing greater choice to business and leisure passengers alike in a major conurbation and also bringing significant economic benefits.

"For Peel, it enables the Group to expand in the regional airport sector, where it has achieved considerable success in recent years, particularly in the growth at Liverpool John Lennon Airport. With Liverpool in the North West and probably also Doncaster Finningley in Yorkshire where we await the results of a planning inquiry, the Peel Group will be able to serve the three key northern regions of England."

At Teesside, Peel will be working closely with the local authority shareholders together with other important agencies, such as ONE North East, the Tees Valley Partnership and the Tees Valley Urban Regeneration Company, to bring forward the development of commercial property at the Airport, including the regionally important Southside site in addition to the operational business of the Airport.

Peter Nears, Strategic Planning Director, said "Airports are widely recognised as drivers of economic growth and therefore maximising the regenerative benefits Teesside International Airport can bring to the local economy will be a priority. In particular, we see synergies between the services the Airport provides and adjacent commercial development opportunities. We are looking forward to working in partnership with the public sector, including ONE North East to progress these developments."

It is anticipated that the proposed agreement will be concluded by the end of March 2003.

for more information please contact:
Alison Tennant
Peel Holdings

Tel: 0161 629 8229

Email: atennant@peel.co.uk