Aviation and energy infrastructure group Esken exited its role as strategic partner and operator of Teesside International Airport.
Carlisle-based Esken, which includes Stobart Aviation Services, played a key role in initially supporting the airport's development following its acquisition by the Tees Valley Mayor and Combined Authority on January 24, 2019 and return to public ownership.
Over the last 12 months, the airport has secured an airline partnership with Loganair, attracted new routes and installed a "strong, experienced leadership team", with the oversight of the Tees Valley Mayor and combined authority.
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In a statement issued to the London Stock Exchange, Esken said that "given these positive developments, Teesside International Airport no longer requires" its support.
Esken will now cease its management agreement with the airport and transfer its 25% ownership of the airport to a new Teesside Airport Foundation for a nominal consideration.
The company also confirmed that if there were to be a future sale of the airport before January 25, 2023, Esken has agreed with Tees Valley Combined Authority that the business would be entitled to share in the proceeds of that sale up to an amount not exceeding £31.3m.
The news comes after Esken sold a 30% stake in London Southend Airport for £125m earlier this month.
Executive chairman David Shearer said: "We are pleased to have had the opportunity to play a role in supporting Teesside International Airport's return to public ownership and help it on the start of a journey that is now underway with a multimillion-pound overhaul of the terminal."
Tees Valley Mayor Ben Houchen added: "Esken has played a key role in supporting Teesside International Airport with the transition back into public ownership. Their hard work has been an important part of getting us to this point.
"As we enter a new phase in the airport's transformation and development, I'd like to thank them for the role they have played helping us get ahead of schedule in delivering our 10-year plan for our airport."
