Bus and train firm takes to the air
Saturday 02 May 1998
Matthew Hudson led a consortium of businessmen who bought Prestwick in 1992 for less than pounds 3m and formed Prestwick Aviation Holdings. Yesterday, they sold a controlling share to newly formed Stagecoach Aviation for pounds 41m.
In a joint press conference with Brian Souter, chairman of Stagecoach - which also has bus and train operating interests - Mr Hudson said he had sought the takeover to allow further investment in the airport, turning it into a transport hub through which freight would travel between Europe and North America.
Prestwick already handles more freight than Gatwick and Heathrow combined.
Of Mr Souter, he said: "I've found a Scottish shareholder with deep pockets who shares this commitment."
He continued: "It became clear to my colleagues and I two years ago that the potential for the airport, and the need for that potential to be realised in terms of Scotland's economic benefit, meant that we would need other capital than our own."
He said he had sought backing from four international companies, but rejected each one as working with them would have meant losing control of the airport from Scotland.
He had moved on to try and find a company which was "Scottish, and likely to remain Scottish for the foreseeable future". He continued: "I did an analysis of business life in Scotland and there was one obvious candidate. It was a large public company, innovative, creative, and controlled by one family and likely to continue that way for the foreseeable future."
Viscount Younger, chairman of Prestwick Aviation Holdings, arranged a meeting between Mr Hudson and Mr Souter. Mr Souter subsequently spent a day at the airport, and then took his family on holiday with Mr Hudson's family for 10 days in Florida.
"We got on at the family level extremely well," said Mr Hudson, "and that really led to a deal. It was done on a personal, family, and Scottish basis."
Mr Souter said Stagecoach had been moving towards becoming a broadly- based transport group over the last few years. "We are excited about Prestwick, we believe that with our investment ability we can expand it on both freight and passenger levels."
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 Jimmy Carr's controversial Oscar Pistorius joke goes a bit too far at the Q Awards
- 4 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo shot dead at war memorial
- 5 Of course, teenage girls need role models – but not like beauty vlogger Zoella
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
This 'woman calls police to order pizza' story isn't going where you're expecting
FCKH8: Provocative anti-sexism video showing young girls swearing reinstated by YouTube
Diwali: What is the festival of lights – and how is it celebrated around the world?
Jimmy Carr's controversial Oscar Pistorius joke goes a bit too far at the Q Awards
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
London bus driver 'kicks gay couple off for kissing'
£50 per day: Randstad Education Cheshire: SEN Teaching Assistant EBD , Septemb...
£7 per hour: Randstad Education Cheshire: We are a large and successful recrui...
£50 per day: Randstad Education Cheshire: SEN Teaching Assistant We are curr...
£45000 per annum: Ampersand Consulting LLP: Datacentre Consultant (Datacentre,...