London’s sixth airport had been in the hands of Esken, formerly known as Stobart Group, after it acquired the site for £21 million in 2008. But Southend was hit hard by the coronavirus pandemic, with the airport being forced to close to passengers for months on end after a number of high-profile airlines withdrew operations.
Esken saw its stock tumble as it became saddled with hundreds of millions of pounds of debt amid a struggle to keep afloat. The company was dealt another blow in January after its main lender, US private equity group Carlyle, accused the company of having breached the terms of a £194 million loan and demanded urgent repayment.
Esken initially tried to shake off Carlyle’s accusation and dispute its legal basis, with CEO David Shearer telling the Standard the lender was “seeking to get their hands on the airport on the cheap,” adding that the legal threat could upend the airport’s operations.
This story is from the March 06, 2024 edition of Evening Standard.
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This story is from the March 06, 2024 edition of Evening Standard.
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