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Oxford
The billionaire Reuben brothers have made their first known move in the aviation market with the £40m acquisition of Oxford Airport from the aircraft services group BBA Aviation.
David and Simon Reuben, who are chiefly known for their property exploits, were revealed as the buyers after it emerged that the acquiring company, OA Acquisitions, was owned by their Aldersgate Investments vehicle.
The brothers, whose recent deals include buying all of the racecourse operator Northern Racing and part of the retirement homes group McCarthy & Stone, plan to capitalise on the current business jets boom to transform Oxford into a rival to Farnborough airport in Hampshire and Northolt airport in West London.
The airport had £300,000 operating profits last year on turnover of £4.5m.
BBA Aviation, which declined to identify the buyer, has owned the airport for the past seven years, but signalled its intentions recently when it sold the related flying school.
The two businesses, in the books for £30m, have together fetched £77m.
BBA said it would book a £24m profit on the airport alone. The shares fell 2½ to 257½p.
David and Simon Reuben, who are chiefly known for their property exploits, were revealed as the buyers after it emerged that the acquiring company, OA Acquisitions, was owned by their Aldersgate Investments vehicle.
The brothers, whose recent deals include buying all of the racecourse operator Northern Racing and part of the retirement homes group McCarthy & Stone, plan to capitalise on the current business jets boom to transform Oxford into a rival to Farnborough airport in Hampshire and Northolt airport in West London.
The airport had £300,000 operating profits last year on turnover of £4.5m.
BBA Aviation, which declined to identify the buyer, has owned the airport for the past seven years, but signalled its intentions recently when it sold the related flying school.
The two businesses, in the books for £30m, have together fetched £77m.
BBA said it would book a £24m profit on the airport alone. The shares fell 2½ to 257½p.
