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Want to buy an airport? Here's one in England up for sale!

04:37 PM | 21 Jun, 2023
Want to buy an airport? Here's one in England up for sale!

LONDON – The owner of Southend Airport has confirmed that the site has been put up for sale raising concerns over the stability of its finances.

The airport is located approximately 42 miles east of central London and is owned by UK infrastructure company, Esken which is passing through tough times in terms of its financial viability.

The group warned, “there is a material uncertainty in respect of [its] going concern assumption and the directors have exercised a significant degree of judgement in concluding that the group remains a going concern.”

The future of the firm seems bleak as its shares nosedived by 25% to 2.79p while the stock is down 67% over the past year.

The firm has been struggling with its business and last year arranged a £50 million borrowing facility to keep its finances afloat, but it said it “concluded that the interests of all stakeholders would be best served by seeking a new owner for each of the core businesses through a managed sale process.”

The selling spree comes despite the fact that the company recently secured a multi-year agreement with easyJet, which will see the airline operate a new route to Amsterdam, besides the three existing destinations of Malaga, Majorca and Faro.

As far as the airport is concerned, it had been closed to commercial passengers during coronavirus travel restrictions until it reopened last summer.

The airport was bought by Esken, previously known as Stobart Group in 2008 for £21 million but unfortunately, many leading carriers quit the facility from Southend, including EasyJet, Ryanair and Wizzair. So far, only EasyJet has returned.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 29 Feb 2024

Pakistani rupee remains stable against US dollar in the open market on February 29, 2024 (Thursday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.1 for buying and 282.35 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 352 for buying, and 355.5 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 74.3.

Today’s currency exchange rates in Pakistan - 29 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.1 282.35
Euro EUR 303 306
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.3 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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