Balfour Beatty sells Exeter Airport stake

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

The FTSE 250-listed firm – which has issued two profit warnings this year – disposed of the asset as part of its on-going restructuring.

Earlier this month the firm said it would be shutting down three UK offices, resulting in job losses, as they are no longer sustainable.

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