Hunting sells Canadian airport business
Energy services provider Hunting said it had sold its Canadian airport business for seven-and-a-half million pounds.
Energy services provider Hunting said it had sold its Canadian airport business for seven-and-a-half million pounds.
Hunting Canadian Airport Holdings, which includes Field Aviation, has been bought by a consortium of North American investors put together by the current management team.
Hunting has agreed to defer £1.9m of the deal, which it will receive by the end of 2018 and on which it will earn interest at a rate of 8% a year in the meantime, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Hunting and the buyer have agreed to establish an environmental escrow account to pay for any potential environmental issues that may arise relating to Field Aviation's hangar facilities in Calgary.
The escrow account will remain in place until the property lease expires in 2027 or to a time when such environmental matters have been satisfactorily resolved, Hunting said.
On completion of the sale, Hunting will deposit £2.5m into this environmental escrow account.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published