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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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.
-
Autumn Budget 2025: What we know so farChancellor Rachel Reeves is set to announce a slew of new measures in her second Autumn Budget and an ailing economy means tax hikes are almost certain. Here's what we know so far, and what analysts are expecting.
-
Hundreds of thousands more taxpayers to be pulled into £100k ‘tax trap’ by 2029Frozen thresholds are pushing more workers into paying income tax at an effective 60% rate. We look at why, as well as how you can avoid being caught in the trap.
