UK’s Oxford Airport Sold to Investors

 - July 26, 2007, 11:49 AM

Signature Flight Support’s parent BBA Aviation has sold Oxford Airport in the UK to private investment group OA Acquisitions for £40 million ($80 million). The new owner is part of the Aldersgate Investments group controlled by multi-millionaire British real estate developers David and Simon Reuben. The brothers have declined to comment publicly about their intentions for the airport, which has been trying to attract more business aviation traffic. According to BBA, the sale of Oxford Airport earned it a profit of £24 million ($48 million). BBA bought the airport in March 2000 for £55.4 million. Last year the airport generated £4.5 million in revenues and an operating profit of £300,000. In mid June, BBA also sold its Oxford Aviation Training business for £32 million ($64 million) plus an additional £5 million ($10 million) in “retained cash.” The new owner of this operation, which is now running NetJets Europe’s new ab initio flight crew training program, is GGAT Flight Academy.