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Esken: Carlyle to invest £120mln into Southend Airport – report


Esken Limited (LON:ESKN) the owner of Southend Airport is set for a cash injection from private equity firm Carlyle, according to reports today.

The group announced the closure of Stobart Air at the weekend after a planned sale fell through but said today it was in talks with an unnamed investor over an injection of funds.

According to Sky News that investor is the private equity group Carlyle, which will take a 30% stake in the airport through the issue of a convertible bond that would convert into equity over a period of several years.

Esken in talks over new funding for Southend Airport after Stobart Air collapse

Southend Airport is used by Ryanair and WizzAir but was one of the airports cut when eastJet retrenched last year.

In its statement this morning Esken said that the financing talks are in the final stages, adding it would release significant liquidity for the group.

Details are expected with the full-year results later this month and Esken said this funding would allow it to clear its outstanding bank debt of £120mln.

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