Wiggins lands airport operator for pounds 4.5m

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The Independent Online
Wiggins Group , the property developer, has acquired Kent International Airport near Manston for pounds 4.5m. The airport operates as a commercial and freight airport on a 125-year lease from the Ministry of Defence.

The airport is next to Wiggins Group's 400 acre Kent International Business Park. The deal is being funded mainly through a placing of 26.8 million shares. The airport's turnover in the year to June 1996 exceeded pounds 2.4m and its net asset was approximately pounds 1.5m at that date. Operating profits topped pounds 220,000 although lower profits are expected for 1996/97 because of reduced usage of Kent International Airport by African relief agencies.