Peel Group Commits To Nearly $4 Million In Financing

A long-term agreement between the Peel Group and Liverpool John Lennon Airport’s (LJLA) lenders will underpin a major investment program in LJLA over the next five years.

The new arrangement will further support the strong operational performance of LJLA, as well as its future growth. The agreement sees a reduction in the Airport’s bank debt and new committed funding to further improve the Airport’s terminal and passenger experience, through terminal refurbishment works and expansion of facilities in line with future passenger and airline growth.

In the last 12 months the Airport has seen an upsurge in business following the addition of a number of new routes and airlines operating from LJLA, bringing a 6% increase in passenger numbers for the first half of 2015 compared to the same period last year. For the financial year 2013/14 Liverpool John Lennon Airport made an operating profit of £2.4m (approx. $3.77 million).

“We are delighted to have secured this new deal, which has allowed us to commit to the new investment program," said Steven Underwood, Chief Executive of The Peel Group. "The future of Liverpool John Lennon Airport is strategically important to Peel, the wider city-region and, indeed, the Northern Powerhouse as a whole.

"We have invested more than £100 million in LJLA over the last 15 years and have overseen a transformation in the business. We will continue to work closely with all the Airport’s stakeholders to ensure its continued success.”

“This is an exciting time for the Airport," said Andrew Cornish, CEO of Liverpool John Lennon Airport. "Peel’s latest commitment will help to ensure that while continuing to grow the business further by offering our passengers more choice of airlines and destinations, we can give them the best possible passenger experience too, cementing our position as the Airport the region loves.”

FMI: www.liverpoolairport.com