Southend’s owner Esken on Thursday (21 March) confirmed it had called in administrators AlixPartners, stating plans to restructure the airport’s ownership would see the company “cease to be commercially viable”.
A restructuring deal was agreed earlier this month, worth in the region of £220 million, including more than £30 million fresh funding to support the airport’s future growth.
“Today’s announcement by Esken has no impact on London Southend airport and it is business as usual for all our passengers, airlines and teams here at the airport,” said LSA chief executive John Upton.
“The ownership transition of London Southend airport to Carlyle and Cyrus Capital Partners from Esken plc is progressing at speed and we’re all looking forward to the completion of this process very soon, which will further cement a financially strong future for our airport.”
Upton said Southend was gearing up for its busiest summer for five years, with routes available to Spain, Portugal, France, the Netherlands and Switzerland. He added the airport’s 2024/25 winter programme had also just gone on sale.
In a statement, Esken added: “Placing the company into administration does not breach the recapitalisation support agreement, as announced on 6 March, and therefore is not expected to have any impact on the recapitalisation proposal being implemented in relation to London Southend airport, which will continue to remain fully operational and funded under that proposal.”
