Sutton Harbour Holdings PLC PLYMOUTH AIRPORT NOT VIABLE WITHOUT PUBLIC SUBSIDY (1591S)
17 December 2016 - 4:30AM
UK Regulatory
TIDMSUH
RNS Number : 1591S
Sutton Harbour Holdings PLC
16 December 2016
16 December 2016
SUTTON HARBOUR HOLDINGS PLC
("Sutton Harbour Holdings" or "the Company")
PLYMOUTH AIRPORT NOT VIABLE WITHOUT SIGNIFICANT PUBLIC
SUBSIDY
DfT report into the viability of the former Plymouth Airport
published today
Sutton Harbour Holdings plc notes that the DfT report on the
future of the former Plymouth Airport site ("Plymouth Airport
study" or the "Report") published today concludes that the former
airport site, in which Sutton Harbour Holdings has significant
landed interests, is not commercially viable.
The full Report, which is available at
https://www.gov.uk/government/publications/plymouth-airport-study
concludes that a lack of demand and a short runway mean
commercially viable passenger services could not be run out of the
former Plymouth Airport site as it would remain "financially
vulnerable" in a "high risk environment".
In addition, the Report underpins current Government policy to
encourage commercial competition between airports, rather than
subsidise them, stating; "In this context, future commercial
decisions regarding PCA (the former Plymouth Airport) will be
private matters for its owner, leaseholder, and other interested
commercial parties".
Sutton Harbour Holdings, which closed the airport in 2011 in
agreement with Plymouth City Council after suffering years of
operational losses, has, following recent stakeholder consultation,
prepared a vision for developing the site which will create
much-needed jobs, housing and first class community sports
facilities.
Jason Schofield, Chief Executive of Sutton Harbour Holdings plc,
said:
"This is a thorough and independent Report that has weighed the
evidence and concluded that commercially viable passenger services
cannot be operated from this site. Even those who wish to re-open
it concede that they need a GBP9 million Government subsidy.
"This Report completely undermines any rational argument for
reopening an airport that is too small, and in the wrong place at a
time when Government policy is focussed on facilitating market
competition and where a good choice of existing airport facilities
already exists in the South West region.
"We have long argued that the former airport site should be put
to economic use to create jobs, homes and excellent community
sports facilities for the people of Plymouth. This Report now
clearly settles that debate once and for all and enables the City
to finally move on."
The Company continues to work towards the Examination in Public
timetabled for summer 2017 when a Government Inspector will
recommend what the future use of the former airport site will be in
the period to 2031.
Ends
Enquiries
Sutton Harbour +44 (0) 1752 Jason Schofield, Chief
Holdings plc 204186 Executive
Natasha Gadsdon, Finance
Director
Rothschild (Financial +44 (0)20 John Byrne, Stephen
Adviser) 7280 5000 Griffiths
Arden Partners +44 (0)20 James Felix, Ben Cryer
(NOMAD and Broker) 7614 5917
Yellow Jersey +44 (0) 7747 Charles Goodwin
(Financial PR) 788221 Clare Glynn
Notes to Editors
Sutton Harbour Holdings plc (SUH) is an AIM listed company
specialising in marine operations, waterfront regeneration and
destination creation in Plymouth and South West England.
The Company operates the Marina at Sutton Harbour, King Point
Marina and Plymouth Fisheries. Operational activities include mixed
use real estate lettings, car parking, support services to harbour
users, property management as well as regeneration and asset
enhancement.
Sutton Harbour Holdings plc is committed to being the leading
marine and waterfront regeneration specialist in Southern England,
and to positioning Sutton Harbour in Plymouth as a destination of
national interest.
For further details click through to the full report which can
be found at:
https://www.gov.uk/government/publications/plymouth-airport-study
This information is provided by RNS
The company news service from the London Stock Exchange
END
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