Balfour Beatty sells Exeter Airport stake

 
Suzie Neuwirth

INFRASTRUCTURE group Balfour Beatty today announced that it has sold its stake in Exeter Airport to Patriot Aerospace, the aviation unit of conglomerate Rigby Group.

The firm – which has issued two profit warnings this year – will use the proceeds from the sale to repay the funders.

Balfour Beatty chief executive, Andrew McNaughton, said: “We are pleased to have come to an arrangement with our JV partner and the funders that ensures the future viability of the airport for its staff and the local community it serves.”