Council approves airport moves
9:10am Sunday 23rd September 2012 in News
MOVES to add the “financial firepower” needed to fund major airport expansion plans have been given the go-ahead by Bolton Council .
The authority’s ruling cabinet approved proposals by Manchester Airport operator Manchester Airports Group (MAG) to join with investment firm Investment Funds Management (IFM) as part of moves to acquire Stansted Airport.
Bolton has a five per cent stake in MAG and, with the nine other Greater Manchester authorities, receives an annual dividend from its shares. Last year’s £1 million windfall helping to boost a range of community projects.
Town Hall bosses hope the move to add Stansted Airport — which handled 18 million passengers last year — to MAG’s portfolio will see even bigger financial gains for Bolton.
At the cabinet meeting it was also agreed to back the appointment of management consultancy KPMG as financial advisors in the proposed takeover.
Bolton Council ’s chief executive Sean Harriss has been advising AGMA — the body which represents the 10 Greater Manchester councils — on the proposals.
He said: “It’s good in terms of both growth of the airport from an economic perspective, generating more employment locally and to improve the profitability of the airport and all the economic benefits that come out of that