Balfour Beatty, the UK infrastructure and construction group that has undergone major reconstruction work since new management took the helm two years ago, is selling its majority stake in Blackpool airport.
The airport, which is in the north of England and serves holidaymakers travelling to destinations such as the Costa del Sol, was one of Britain’s first aviation sites, with a history dating back to 1909.
Balfour is selling its 95 per cent share back to Blackpool Council for £4.25m. The FTSE group said this was in line with its strategy of simplifying its portfolio of assets.
Balfour returned to profit last year, following a torrid period involving seven profit warnings, losses caused by mismanagement of construction contracts and a change of management.
In the half year to June Balfour reported a pre-tax profit of £12m from a £15m loss in the same period a year earlier.