BBA adds Signature Gatwick
The Signature Flight Support FBO network grew to 23 locations in Europe following the company’s acquisition of Southern Aero Services, parent of the Interflight Executive Aircraft Services FBO at London Gatwick Airport. Signature now has FBOs at the three major London airports–Gatwick, Heathrow and Luton. Signature made the Southern Aero acquisition for an “initial consideration” of £4.5 million on a debt and cash-free basis, according to parent BBA Aviation.
BBA’s financial results through June 30 showed that sales increased by 15 percent, although 9 percent of that was related to higher fuel prices. Organic growth was 2 percent, the company said. BBA also revealed that the U.S. government paid BBA Aviation £4.9 million in compensation (recognized nonrecurring income) “in respect of its claim for compensation for loss of earnings following the government’s decision to close [temporarily] the FBO at Washington Reagan [National Airport] after the September 11 terrorist attacks.”