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Southend-3

Old 14th Jun 2021, 17:33
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The failure to sell Stobart Air has left Esken with a cash hole 86m deep that needs to be filled. In addition to this, the existing lenders are not prepared to advance more of the previously agreed facility as there is no visibility on a decent repayment proposal. Hence the need to raise funds elsewhere, and the penalty is to give away a third of the business in return for the loan. Not a good day for Esken shareholders who are seeing their holdings diluted in favour of a funder.
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Old 14th Jun 2021, 19:08
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Succinct summation above = Esken increasingly running out of airway?
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Old 14th Jun 2021, 20:22
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Yes. Trouble is that the money men are getting their hands on increasingly bigger slices of a huge, flat, flood free piece of land with direct access to the A127 at one end, and direct access to London via a rail link at the other end. If Esken can't make the land work as an airport, the lenders will turn it into 20,000 houses very quickly. And before anyone jumps in and tells me that the council own the land, yes they do, I acknowledge that. And 20,000 Council tax bills pays more than the lease rental that Esken pay. We're witnessing the demise of an airport sadly.
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Old 15th Jun 2021, 09:34
  #204 (permalink)  
 
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asdf; I have advocated for many years that houses will be the ultimate outcome. Manston is a fore runner of this demise and that also will end up as houses. Sadly looking back at a decade or more of SEN operations I cannot see that despite posting the odd profitable annual statements any real monies have ever been made. I doubt that even the loans for the present Terminal, Tower and taxiways have been payed off! In respect of GA there are a number of existing fields to service their needs.
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Old 15th Jun 2021, 09:44
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I recall a few years ago UK Govt policy was no net increase in the number if runways in SE England. Does this policy still stand ? Wondering if this would ease the path to LHR R3
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Old 15th Jun 2021, 10:03
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After checking FR24 I can confirm the airport is currently having to deal with unprecedented numbers of vultures circulating overhead.

If short haul returns to normal levels over the next couple of years then you would expect a well run forward thinking regional airport to start to recover.

To me the real question is not the old chestnut about 20,000 houses, it is whether there is a serious player out there to take on the challenge and put Esken out of their misery.
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Old 15th Jun 2021, 10:35
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Checking the tracker sites certainly confirms no commercial or gainful air activity within the SEN area the present time.

The "vultures" holding are of Stobarts/Esken own design & manufacture.

The Pandemic has hastened on those roostings.

All that was not attached & fixed down within the Stobart Boardroom has long been disposed of to enable SEN even in the "good" times.

Esken now last resort is to slice up holdings in the very airport itself to keep afloat.

Carlyle Group perhaps the ultimate "owner" of SEN are not noted for airport ownership but certainly for Real Estate Investment.

All UK airports & the industry has yet to face the Government green agenda & airport policy coming down the tracks & some non strategic airports may perish so to consolidate around important hubs.

Princess Nut Nut et al rule okay.

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Old 17th Jun 2021, 18:26
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Wizz Air flights to Bucharest now appear to resume on Friday, 1 October 2021 at 3x weekly.

Mondays, Wednesdays, Fridays:
OPT (19:55) - SEN (21:15)
SEN (21:45) - OTP (02:40)

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Old 30th Jun 2021, 22:40
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https://www.thisismoney.co.uk/money/...l-Carlyle.html


Hopes pick up for Southend Airport as owner Esken says deal with private equity firm Carlyle is close
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Old 30th Jun 2021, 22:53
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It states ‘an early return to strong demand’ for the airport. That I would suggest is a long way off and spare capacity will be taken at the 5 other London airports first!
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Old 3rd Jul 2021, 06:05
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London Southend airport operator Esken has signed an investment agreement with a Carlyle Global Infrastructure Opportunity Fund vehicle on the terms of a proposed 125 million loan, convertible to a stake of nearly 30% in the airport.
It believes the London airport market will recover over the next two to three years, and capacity constraints will again become an issue for airlines.
https://www.flightglobal.com/air-tra...144439.article
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Old 3rd Jul 2021, 08:44
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sounded rather terminal and this funding was required to secure its future operation!
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Old 3rd Jul 2021, 10:58
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But maybe from the madness something beautiful will grow

In a brave new world
With just a handful of planes
We'll start - we'll start all over again...

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Old 3rd Jul 2021, 13:07
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SKOJB

No surprise given the collapse in passenger traffic, but of course SEN isn't alone in this. How many airports have sufficient cash reserves to see them through over a year of negligible numbers through their terminals? Cardiff, Southampton, Exeter, Leeds/Bradford, Prestwick and LCY have all seen less than 20% of their normal traffic.
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Old 7th Jul 2021, 18:38
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Night flights

https://www.echo-news.co.uk/news/194...night-flights/
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Old 28th Jul 2021, 00:07
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Warwick Brady looks like his future at First Group could well be over after a shareholder revolt. I’ll not post any links, but Google will certainly assist.
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Old 5th Aug 2021, 15:41
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Southend still won’t show a live arrivals and departure board on its website instead telling people to contact the airline. Not very helpful.
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Old 5th Aug 2021, 16:10
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Hardly worth it is it?
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Old 5th Aug 2021, 19:13
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So how many flights a day do they now have? Is it a case of not showing live boards to hide Southend's embarrassment?
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Old 5th Aug 2021, 21:25
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Dear Lord LTNman

I believe you have other sources that would answer your question.

I am sure you are aware there are 4/5 departures on the best days. Maybe improving to 7 or 8 by the end of the month.

The good news is I am pretty sure SEN will lose less money than any other London airport in 2021.
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