DURHAM Tees Valley Airport has a new owner.
Previous owners Peel Airports has sold its majority share-holding in the airport to Peel Investments (DTVA).
And bosses say the deal means it will be business as usual for airport employees, airlines and passengers.
Craig Richmond, the chief executive for Peel Airports, said: “Since announcing in December 2011 that we were seeking a buyer for our share-holding in the airport, we appreciate this has been a period of uncertainty for the staff, our airline customers, passengers and for the region as a whole.
“I am therefore pleased that we have been able to conclude this sale process with our partners the Peel Group, purchasing our shareholding and continuing to maintain the airport’s operational activities.”
Peter Nears, strategic planning director for the Peel Group, said: “We have seen significant interest and support for the airport from across the region during this difficult period.
“We are looking forward to capitalising on this support and working with stake-holders in the region going forward.”
Peel Airports is 65 per cent owned by Vantage Airport Group (formerly Vancouver Airport Services) and 35 per cent by The Peel Group.
Peel Investments is now the majority shareholder in Durham Tees Valley Airport, with the rest of the shareholding continuing to be owned by the six local authorities, including Hartlepool Borough Council.
Peel Airports has been asked by the Peel Group to act in an advisory role to help with the day-to-day operations at the airport.