Manston - still hanging by a thread!!

Profile picture for user charliehunt

Member for

7 years

Posts: 11,141

http://www.kentonline.co.uk/kent-business/county-news/rescue-plan-for-flights-in-15313/
Original post
Profile picture for user Bmused55

Member for

16 years

Posts: 10,625

I have it on good authority that their may be light at the end of the tunnel for Manston Here's hoping for no last minute wrinkles.
Profile picture for user charliehunt

Member for

7 years

Posts: 11,141

Roger Gale and others have been working round the clock and I heard that it is now a case of persuading Mrs Gloag to settle on a more realistic sum. It's a pity KLM are unlikely to return if it is saved, but you can understand why.
Profile picture for user charliehunt

Member for

7 years

Posts: 11,141

I would think this is the end of the road!! "A formal offer to buy a Kent airport threatened with closure has been rejected by its owners. Manston Airport said a conditional written offer submitted on Sunday had been turned down. North Thanet MP Sir Roger Gale, who revealed the offer had been made, earlier said he believed it was viable and and hoped it would succeed. "The basis of this proposal had been put to shareholders verbally on Friday and rejected," the airport said. "There are a number of reasons for this, including the fact that some of those associated with the offer have approached the shareholders previously and have consistently failed to substantiate their proposals. "We have clearly demonstrated our willingness to consider credible and viable offers and have engaged with a range of interested parties over the last couple of months which unfortunately have not come to fruition."

Member for

9 years 7 months

Posts: 4,993

I do hope they don't end up building on it :apologetic:

Member for

8 years 6 months

Posts: 6,467

Re 5 You can bet on that outcome. Especially after Boris rejected it.
Profile picture for user charliehunt

Member for

7 years

Posts: 11,141

Yup - I think there's little doubt about that now. My concern, as previously expressed, is for the two excellent museums.
Profile picture for user Bmused55

Member for

16 years

Posts: 10,625

Seems greedy Gloag is out to maximise the return on her investment and hoping for a higher bid! Does she not realise that a shut down airport with zero customers is not something that will command a high price?!?
Profile picture for user charliehunt

Member for

7 years

Posts: 11,141

No but as prime building land?
Profile picture for user charliehunt

Member for

7 years

Posts: 11,141

Details of the bidder here: Comments (0) THE American firm behind the rejected Manston airport offer has been named as RiverOak Investment Corp LLC of Stamford Connecticut. A statement released by the group says it offered airport owner Ann Gloag a price “significantly higher than the entire capital investment expended by the current owner since Manston was purchased in November of last year.” It is understood Mrs Gloag has invested some £1.5 million with another £2.5 million in reserve. The offer is understood to have been above £4 million. In a statement a RiverOak spokesman said: “ RiverOak currently has $350 million of assets under management with a number of operating partners and has a successful track record of turning around troubled operating and real estate assets. “In this particular project, RiverOak is the capital partner of a number of aviation operating entities specialising in aircraft maintenance and cargo operations, and principal partners at RiverOak have extensive US experience with the capital markets and debt restructuring of a number of major airport assets, one of which is a singular maintenance and cargo hub in Texas. “RiverOak has developed a long term plan to own and manage Manston as an airport in line with its investment philosophy of diversified investing in asset backed businesses. RiverOak remains committed to investing in and developing Manston as a successful diversified aviation services, cargo and potential future passenger airport facility, and values Manston as an important piece of aviation infrastructure that is very important to both Kent specifically and the United Kingdom in general. “RiverOak is distressed to learn of the announced closure of Manston today and remains willing to engage with all parties to achieve a solution which allows the airport to continue operating and preserves the jobs of its staff.” The firm is backed by MP Sir Roger Gale who says he is convinced it is a viable offer. He said the decision to close the site when the money and plan is there to buy Manston as an operating airport amounted to “corporate vandalism.” But, he said, he remains hopeful that Mrs Gloag will reconsider the bid. Read more: http://www.thanetgazette.co.uk/Manston-airport-buyer-group-revealed/story-21063574-detail/story.html#ixzz30y7TaBVH

Member for

14 years 5 months

Posts: 1,077

The firm is backed by MP Sir Roger Gale who says he is convinced it is a viable offer. He said the decision to close the site when the money and plan is there to buy Manston as an operating airport amounted to “corporate vandalism.” But, he said, he remains hopeful that Mrs Gloag will reconsider the bid.
Was down there myself on Sunday afternoon, and couldn't help but feel it would be my last visit to Manston International... I cannot help but think that, unless someone can outbid any (prospective) developer who might make a mint out of new housing on a plot of that size, Manston will shortly cease to exist as an airport/airfield. As has been said before, the Thanet way is a good trunk road, and it runs to within spitting distance of the airport, and rail links are fairly close by too. What a waste to see it close as an active airfield, but those convenient transport links also make it prime site for a new residential area for London commuters too. A less charitable person than I might even think that the current owner only ever bought it with one eye on closure and subsequent sale for re-development, and never had any real plans to turn it around as a business...
Profile picture for user charliehunt

Member for

7 years

Posts: 11,141

I am less charitable than you, Paul, and even made the same suggestion!
Profile picture for user charliehunt

Member for

7 years

Posts: 11,141

I am sure this will worry Mrs Gloag. "“Unite has lodged a formal grievance with the owners over what we believe is a complete failure to consult with the unions over the bizarre decision. We will continue to fight to give Manston a future. "