LEEDS -3
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I'll second that - don't waste your time calling a local authority after 1600. (1300 on Friday).
Did the ITT remit ever go public? That would've been interesting. As it is a municipal asset being sold off its only fair the owners (thats the public) get to know what the custodians (elected members) deem appropriate conditions if not aspirations for the successful bidder.
Did the ITT remit ever go public? That would've been interesting. As it is a municipal asset being sold off its only fair the owners (thats the public) get to know what the custodians (elected members) deem appropriate conditions if not aspirations for the successful bidder.
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Fully agree that most council functions only occur during the day, but council meetings tend to be held 1800 onwards - my mate was a Tory Councillor for Bradford and due to the fact that many hold down day jobs, evenings are the only times when they meet.
682ft AMSL's info and comment always very accurate!
682ft AMSL's info and comment always very accurate!
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Yes, I was afraid the council planks would go for the Yorkshire forward guy.
I was hoping for a more international company.
Probably they also promised to keep the dreadful Bradford name and we end up with a slightly bigger municipal airport.
I was hoping for a more international company.
Probably they also promised to keep the dreadful Bradford name and we end up with a slightly bigger municipal airport.
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Runner up
Do we know the runner-up to Bridgepoint?
To be honest, a little disappointed, without knowing who the 2nd preferred bidder is I feel the true investment that the Airport needs will probably not come from Bridgepoint.
Sorry to say this but from a cash point of view, the councils will go for the highest bidder and not from an investment point of view
Bridgepoint has too many investments for my liking, as quoted from their website -
"Depth of experience in buying and selling businesses (Mmmmm...)*
In the last 10 years alone, we have completed over 150 transactions with a total value of €18 billion and in the last five years have sold businesses allowing us to return over €5 billion to our investors. Bridgepoint companies currently employ over 70,000 people across Europe with a combined turnover of €6 billion. "
I can't help feeling this is a bad move for the airport, Bridgepoint is too complex and diversifies in too many areas but if the sale does complete to Bridgepoint,time will only tell.
Mmmmmm.....
To be honest, a little disappointed, without knowing who the 2nd preferred bidder is I feel the true investment that the Airport needs will probably not come from Bridgepoint.
Sorry to say this but from a cash point of view, the councils will go for the highest bidder and not from an investment point of view
Bridgepoint has too many investments for my liking, as quoted from their website -
"Depth of experience in buying and selling businesses (Mmmmm...)*
In the last 10 years alone, we have completed over 150 transactions with a total value of €18 billion and in the last five years have sold businesses allowing us to return over €5 billion to our investors. Bridgepoint companies currently employ over 70,000 people across Europe with a combined turnover of €6 billion. "
I can't help feeling this is a bad move for the airport, Bridgepoint is too complex and diversifies in too many areas but if the sale does complete to Bridgepoint,time will only tell.
Mmmmmm.....
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Website listing
Interesting to see how the airports own website highlights the original 5 bidders, please note how Bridgepoint is explained -
"The five organisations selected were:
· ABN AMRO Infrastructure, an infrastructure fund of the Dutch investment bank, with Faros Investment Partners, a specialist airport management company.
· Barclays Private Equity infrastructure fund (who have held an interest with Luton airport in the past) with Churchill Airports, a specialist airport management company.
· Bridgepoint infrastructure fund, who were involved in the original privatisation of Birmingham International Airport.
· Regional and City Airports led by Balfour Beatty, who recently bought Exeter Airport with infrastructure fund, Galaxy and airport operators, Koln Bonn and Aer Rianta.
· TBI, who have interests in Luton, Cardiff and Belfast International airports and are 90% owned by Abertis, a large Spanish transport and infrastructure plc based in Barcelona who have airport interests in the USA and Latin America"
Birmingham International Airport - In June 2000, Bridgepoint Capital (formerly Nat West Equity Partners) increased their investment in the Airport, by Dec 2001 Macquarie Airports Group Limited acquired Bridgepoint Capital Limited shares.
Still not convincing me that this is the airports best option
Still diggin .....
"The five organisations selected were:
· ABN AMRO Infrastructure, an infrastructure fund of the Dutch investment bank, with Faros Investment Partners, a specialist airport management company.
· Barclays Private Equity infrastructure fund (who have held an interest with Luton airport in the past) with Churchill Airports, a specialist airport management company.
· Bridgepoint infrastructure fund, who were involved in the original privatisation of Birmingham International Airport.
· Regional and City Airports led by Balfour Beatty, who recently bought Exeter Airport with infrastructure fund, Galaxy and airport operators, Koln Bonn and Aer Rianta.
· TBI, who have interests in Luton, Cardiff and Belfast International airports and are 90% owned by Abertis, a large Spanish transport and infrastructure plc based in Barcelona who have airport interests in the USA and Latin America"
Birmingham International Airport - In June 2000, Bridgepoint Capital (formerly Nat West Equity Partners) increased their investment in the Airport, by Dec 2001 Macquarie Airports Group Limited acquired Bridgepoint Capital Limited shares.
Still not convincing me that this is the airports best option
Still diggin .....
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Management
Kingdee -
Looking into Bridgepoint (as you can see) I would think highly unlikely at this stage, Bridgepoint have too little knowledge/experience of airport management so I would only assume they would all have their jobs intact for the foreseeable future - SHAME!!
Looking into Bridgepoint (as you can see) I would think highly unlikely at this stage, Bridgepoint have too little knowledge/experience of airport management so I would only assume they would all have their jobs intact for the foreseeable future - SHAME!!
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Special share
Airports comments from the website state -
"Leeds and Bradford councils each own 40% of the airport with the remainder split equally between Kirklees, Wakefield and Calderdale. The airport will continue to remain under the planning control of Leeds City Council and all of the five west Yorkshire authorities will also retain a ‘special share’ in the company. "
Special share - Puzzled by this one, can anyone explain ??
Still diggin.......
"Leeds and Bradford councils each own 40% of the airport with the remainder split equally between Kirklees, Wakefield and Calderdale. The airport will continue to remain under the planning control of Leeds City Council and all of the five west Yorkshire authorities will also retain a ‘special share’ in the company. "
Special share - Puzzled by this one, can anyone explain ??
Still diggin.......
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The special share for the existing owners also protects the name.
Seems like business as usual,or lack of it.
Nothing has changed except the paperwork.
Its a disaster.
Seems like business as usual,or lack of it.
Nothing has changed except the paperwork.
Its a disaster.
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Smacks of either a management buy out or a speculative acquisition with a view to selling on. So it's business as usual I suppose. Think about it from the management's point of view: there's a lot they might want to get done but couldn't due to a lack of additional investment from the councils. Bear in mind that the management aren't actually elected councillors, kingdee.
I was wondering what the 'special share' is as well. If Bridgepoint have 100% maybe the councils get a token share each so that they can go to the shareholders' meeting. Who knows (and we probably never will).
I was wondering what the 'special share' is as well. If Bridgepoint have 100% maybe the councils get a token share each so that they can go to the shareholders' meeting. Who knows (and we probably never will).
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Investment?????
Buy-out/sell off !!
Look at Bridgepoint's portfolio, this airport needs serious ££££investment and I am not convinced that it will come from this source, I can see 2 years down the line this airport WILL be back on the market.
This company looks after its investors not its investment !!
At least the second bidder has some nounce when it comes to airport know-how.
Still diggin........
Look at Bridgepoint's portfolio, this airport needs serious ££££investment and I am not convinced that it will come from this source, I can see 2 years down the line this airport WILL be back on the market.
This company looks after its investors not its investment !!
At least the second bidder has some nounce when it comes to airport know-how.
Still diggin........
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Crikey guys - not one of you have read the prospectus of the successful bidder (nor the others) and somehow the collective view is that this is a mistake - "disaster" in one case. Aren't you being a bit premature?
I believe there is a due diligence stage to go through before contracts are signed.
If I have a criticism it is not the choice of preferred bidder it is the lack of transparency of the process. I'd be inclined to make a freedom of information challenge unless more information is forthcoming.
I believe there is a due diligence stage to go through before contracts are signed.
If I have a criticism it is not the choice of preferred bidder it is the lack of transparency of the process. I'd be inclined to make a freedom of information challenge unless more information is forthcoming.
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The cold light of day....
Must admit that my first reaction was disappointment....was hoping that we'd have a bidder with A) money B) existing relationships with airlines etc to develop the business. In this regard we've probably just got A.
Reading the thread I think we've gone into collective doom and gloom mode however!
TheDesertFerret makes good reading....the prospectus of the preferred bidder must contain something that set-it apart from the rivals. Don't forget that Ernst & Young were advising and they have played this game before. Bridgepoint must have been one of the higher bidders..that was part of E&Ys remit.
So, consider this, even if Bridgpoint are only looking to make a quick buck....they have to be able to sell the airport on for a higher figure than they paid for it. Now equity firms sometimes asset strip in oder to do this....but is there much to strip at LBA?..Probably not. So how do they go about making on the deal?
Well how about them spending on the place - allowing it to realise more of it's potential and then sell it on in a couple of years time with a more 'fit for purpose' infrastucture which in itself will be a more saleable asset. Chin up lads!
God or the devil will be in the detail of Bridgepoint's proposals!
Looking forward to some of our regular PPRuNe LBA posters to get on the case!
Reading the thread I think we've gone into collective doom and gloom mode however!
TheDesertFerret makes good reading....the prospectus of the preferred bidder must contain something that set-it apart from the rivals. Don't forget that Ernst & Young were advising and they have played this game before. Bridgepoint must have been one of the higher bidders..that was part of E&Ys remit.
So, consider this, even if Bridgpoint are only looking to make a quick buck....they have to be able to sell the airport on for a higher figure than they paid for it. Now equity firms sometimes asset strip in oder to do this....but is there much to strip at LBA?..Probably not. So how do they go about making on the deal?
Well how about them spending on the place - allowing it to realise more of it's potential and then sell it on in a couple of years time with a more 'fit for purpose' infrastucture which in itself will be a more saleable asset. Chin up lads!
God or the devil will be in the detail of Bridgepoint's proposals!
Looking forward to some of our regular PPRuNe LBA posters to get on the case!
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So that what it says on their bid ? Come on calm down leodis, don't be so paranoid.
The council have the last word on who it sells to, I doubt very much theyre going to leave it in the hands of some "fly by nights".
The council have the last word on who it sells to, I doubt very much theyre going to leave it in the hands of some "fly by nights".