Stobart and Aer Arann in Southend airport tie-up

11th Oct 2010 08:17

Logistics firm Stobart Group is poised to accelerate development of Southend Airport in Essex after signing a five year operating agreement with Irish regional airline Aer Arann.As part of the overall investment agreement with others, Stobart Group will invest €2.5m to incentivise and market Aer Arann's operation from Southend Airport. Andrew Tinkler, the chief executive of Stobart Group, said the agreement would guarantee business and volume for Southend Airport and allow the group to press on with its development plans for the airport. The tie-up would also "further develop the Stobart business and brand in Ireland" and would provide "future opportunities for the growing demand for airfreight from our customers.""Although the agreement provides Stobart with a small stake in the form of a convertible preference share in Aer Arann, it does not signal that we are getting into the airline business and we would not be involved in the day-to-day management of Aer Arann - they have a skilled management team in place to do that led by Padraig O'Ceidigh," advised Tinkler. The Stobart Group purchased Southend Airport in December 2008.