Owner Of Ireland's Weston Airport Sells Majority Stake In Its Business To Group Of Investors
The owner of Ireland's Weston Airport, which is located on the border between counties Dublin and Kildare, has sold a majority stake in its business to a group of investors. As reported by The Iris...
The owner of Ireland's Weston Airport, which is located on the border between counties Dublin and Kildare, has sold a majority stake in its business to a group of investors.
As reported by The Irish Times, Galway-based Brian Conneely, who purchased Weston Airport from a receiver to previous owner Jim Mansfield's business interests for a reported €3.5 million in 2013, has agreed to sell the stake to an investment group that is led by Limerick-based financier Derick Walshe and also includes John Brennan, Catherine Greene, Gerald Dundon and Stripe co-founder John Collison.
The group reportedly said in a statement that it is intending to "upgrade facilities and to develop Weston as a general aviation centre".
The deal is reportedly subject to the completion of due diligence and regulatory consents.
The latest accounts for Weston Aviation Academy Ltd, which operates Weston Airport, reportedly reveal that it experienced a loss of €421,335 during the year that ended on June 30, 2021, which was reportedly an increase on a €58,666 deficit of a year earlier.
It reportedly had net liabilities of just under €2.6 million at the end of the 12 month period, and creditors were reportedly owed €5.3 million, which reportedly included €1.3 million owed to Brian Conneely & Company Ltd.
Weston Airport closed in March of 2020 due to COVID-19-related restrictions and reopened in October. The accounts reportedly state that it has "traded successfully" since then, with the government's wage subsidy scheme and rates waiver being of "assistance in this period".
Investment Plan Details
The statement reportedly said that the investment plan will modernise the airport's facilities to create a "best-in-class experience" for airport users, employees and the local community. Bar, restaurant and conference facilities will reportedly be enhanced and improvements will reportedly also be made to the airport's terminal, aircraft storage and hangar areas.
All current employees will reportedly be retained and it is reportedly envisaged that additional employment could be created as new services are introduced.
The Irish Times quotes Walshe as saying, "A vibrant Weston is central to the health of general aviation in Ireland. Our investors are aviation enthusiasts who are focused on turning Weston into a state-of-the-art facility.
"Our plans are to invest in and upgrade the existing aviation and non-aviation facilities, and to create a destination that is open and welcoming to the local community. We are committed to revitalising Weston to the betterment of aviation in Ireland."
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