| Heathrow Airport Holdings - BHeathrow Airport Holdings - B Heathrow Airport Holdings Divestitures After an inquiry which ran from August 2008 to March 2009, the UK Competition Commission announced that BAA would be required to sell three of the seven UK airports it owned at the time within two years, over fears the monopoly position held by BAA over London and Scotland's airports could have "adverse effects for both passengers and airlines". These were Gatwick, Stansted and either Glasgow or Edinburgh airports. The sales were forecast to raise between £3.5bn and £4bn. BAA announced plans to sell Gatwick Airport on 17 September 2009. At that time, the airport was valued at £1.8bn by regulators and it appeared that several firms including Macquarie Group, Manchester Airports Group, Fraport and Virgin Atlantic were interested in this sale, either on their own or as part of a consortium of companies. Ferrovial and its partners (Government of Singapore Investment Corporation and the Caisse de dépôt et placement du Québec) had been seeking £1.8bn to £2bn when they opened the bidding process. Eventually, the sale was confirmed on 21 October 2009 and formally completed on 3 December 2009, for a fee of £1.51 billion, almost 25 per cent less than BAA had expected Gatwick would fetch when the sale was announced a year previously. BAA sold the airport to Global Infrastructure Partners, the fund backed by Credit Suisse and General Electric, who also operate London City Airport. Ferrovial, the majority holder in BAA, said that it expected to make a capital loss of around 142 million euros (US$212.6 million) against its consolidated earnings following the sale. In October 2011, BAA announced that Edinburgh Airport would be put up for sale in early 2012 with an aim to handing over the running of the site to a new owner by summer 2012. Numerous groups were reported to have expressed interest, including a consortium of Scottish businesses headed by former Edinburgh Airport Manager, and Fraport, the owners of Frankfurt Airport, Germany. The airport was sold to Global Infrastructure Partners in 2012. Later that year, the company name was changed to Heathrow Airport Holdings Limited. In January 2013, it was announced that Stansted would be sold to the Manchester Airports Group, a holding company owned by the 10 borough councils of Greater Manchester. In May 2014, Heathrow Airport Holdings announced the appointment of John Holland-Kaye, current Development Director, as chief executive officer, succeeding Colin Matthews on 1 July 2014. The company agreed on 16 October 2014 to sell Glasgow, Southampton and Aberdeen airports to AGS Airports, a consortium of Ferrovial and Macquarie Group for £1 billion, in order to focus solely on Heathrow. Heathrow Airport Holdings Effects of COVID-19 Pandemic As of 2020, during the COVID-19 crisis which enormously reduced air travel, the company had debts of over £17 billion to banks and bondholders. It is amongst the highest indebted UK companies, though 90% of its shares are held overseas. Its request in October 2020 to increase airport charges was rejected by the Civil Aviation Authority. Heathrow Airport Holdings Senior Leadership Heathrow Airport Holdings List of Chief Executives
Heathrow Airport Holdings Corporate Affairs As BAA, the company stated that its name did not stand for anything. It was still widely referred to as the "British Airports Authority" by both the media and the public, though the Authority was dissolved following the 1986 privatisation. BAA should not be confused with BA, the abbreviation of British Airways. The company's former logo, composed of three green triangles, was created by John Lloyd and Jim Northover of the design consultancy Lloyd Northover, at the time of the privatisation in 1986. The original BAA plc was acquired in 2006 by Airport Development and Investment Limited (ADI), a new company formed by the Ferrovial consortium. In October 2008, ADI changed its name to BAA Limited, and on 15 October 2012, the company announced that it had changed its name to Heathrow Airport Holdings. Colin Matthews, Chief Executive of the company, said that, given the reduction in the number of airports owned by the company, the BAA name was no longer appropriate, after the sale of Stansted, Heathrow Airport would account for 95% of the company's business. Each remaining airport owned by the company reverted to operating under its own name rather than the BAA banner. As a major client of the UK construction industry, it is a member of the Construction Clients' Group, which represents client views to the government's Strategic Forum for Construction. Heathrow Airport Holdings Overview Heathrow Airport Holdings Type: Private Heathrow Airport Holdings Industry: Transport Heathrow Airport Holdings Founded: 13 December 1985, 37 years ago (as BAA plc) Heathrow Airport Holdings Headquarters: The Compass Centre Nelson Road Hounslow TW6 2GW Heathrow Airport Holdings Key People: John Holland-Kaye (CEO) Lord Deighton (Chairman) Heathrow Airport Holdings Products: Airport operations and services Heathrow Airport Holdings Revenue: £2,765 million (2015) Heathrow Airport Holdings Operating Income: £223 million (2015) Heathrow Airport Holdings Net Income: £169 million (2015) Heathrow Airport Holdings Owner: FGP Topco Limited Heathrow Airport Holdings Number of Employees: 6,500 approx. (2016) Heathrow Airport Holdings Subsidiaries: Heathrow Airport |
