Originally Posted by
Spanish eyes
Who is saying they are bankrupt? I am thinking no one.
The aviation sector of Peel group produces massive year on year losses . If the owner states they can not continue to fund the bills then Finningley is effectively bankrupt.( Evenmore so if the cash reserves are depleted)
As said previously Peel couldn’t give a fig about their aviation assets beyond land values !
And that includes Liverpool , an airport they tried to ditch on a Canadian pension/venture company a few years back only have it return!
That company couldn’t see a return ever and that is the main airport in the group and where the local own council just declined to invest at least £700k in an eco energy project !
I can almost guarantee if Peel could find (con) the right investors ( obviously not another pension fund !) they would be out of aviation in a heart beat .
Finningley was a solution looking for a problem. Regrettably it hasn’t found it . Might have differed if they’d have chased down Jet2 !
Whats more other than 2excel ( Sabre as was) it hasn’t even won any significant ancillary business , Two flower flights from Nairobi ain’t gonna change that now.
Now the site logistically should have made a excellent and competitive freight alternative to MAG at EMA and STN especially if they’d have secured one of the consolidators or Amazon, after all compare Liege/Maastricht/Luxembourg Amsterdam/ Cologne and Paris where each has secured one or more in very competitive market.
A tenth or so the size in the UK through one would have thought Peel would have chased and secured at least one by now.
That said they haven’t had a great record on freight even at Liverpool, a facility that boasted a massive mail hub for twenty years before they lost it
At the end of 2021. DSA had just £56k in the bank and accrued annual debt due of some £28m, salary recorded as something around £3.5M and tax outstanding of £350,000 and loans outstanding of £9m whilst in receipt of £1,2 million of tax payers monies via various grants
Peel value the land and facilities via share ownership at £207 million.
Now tell me it’s not for the land value ?
Just going back Amazon and a massive warehouse and hub could yet be a savour - At the right price if a Peel really do care .
Peel should stick with boats, shopping malls and warehouses imho.