(qlmbusinessnews.com . Mon 4th Aug, 2025) London, UK —
ICG Acquires Exeter, Bournemouth, and Norwich Airports in Landmark £200M Deal
Exeter Airport, alongside Bournemouth and Norwich airports, is poised for a sale in a transaction rumoured to be valued at £200 million. The investment heavyweight, ICG, is said to have secured a deal with the Rigby Group for the acquisition, with insiders close to the matter revealing details to the Reporters.
The transaction, which Reporters estimates at the aforementioned amount, has been a topic of briefed discussions among leading business figures in the South West, with an official announcement expected imminently on Monday. Both ICG and the Rigby Group have refrained from commenting on the matter when approached by the Reporters.
Situated in the village of Clyst Honiton, Exeter Airport opened its doors in 1937 and now offers commercial flights to various domestic and international locations, including Edinburgh, Amsterdam, and Lanzarote. The aerodrome, with a rich history dating back to its use by fighter planes during the Second World War—most notably by the Polish Air Force's 307 Squadron in protecting Exeter from a Nazi air raid in May 1942—has seen significant developments over the years. Notable milestones included the inauguration of a new arrivals terminal by the Princess Royal in June 1999 followed by the unveiling of a £950,000 departure lounge expansion in 2003.
Ownership of the airport has changed hands over the decades, the most recent transaction occurring in June 2013 when Balfour Beatty divested the airport to the Rigby Group for an undisclosed sum, having itself acquired it from Devon County Council back in January 2007 for £60 million.
The airport serves as a base for airlines such as Ryanair, KLM, Aer Lingus, and TUI, and was also a hub for operations by Flybe before the company's collapse in 2020.
Following challenges posed by the Covid-19 pandemic, the airport disclosed a return to profit for the first time since the crisis in August of the previous year. The airport's management announced a profit exceeding £1 million for the twelve months leading up to March 2024, marking a £2 million positive reversal from the preceding year. Moreover, passenger traffic has seen an upswing, with reported figures showing a climb to 435,000 from 402,000 year-on-year, an increment of 8%, according to an airport spokesperson.
For the period from April to October 2024, the airport further reported that 337,993 passengers travelled through the facility, marking an increase of 15,740 passengers compared to the same timeframe in the previous year, highlighting a steady recovery and growth trajectory for the regional hub.
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