Stobart, the second tier logistic group, has received approval from Carlisle City Council's development control committee for the development of Carlisle Lake District airport.
The development includes the erection of a 374,000 square foot distribution centre and the raising and re-profiling of the main runway.
Andrew Tinkler, Stobart's Group Chief Executive, said: "The decision is extremely positive for the people of Cumbria as it will drive the economy, boost tourism and safeguard over 800 direct and indirect jobs.
Subscribe to 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
"The freight distribution centre will allow Eddie Stobart to attract new clients while providing the rental income required to develop Carlisle Airport and commence passenger operations. Additional group revenue streams will be realised as we link Carlisle and Southend airports to give passengers seamless connections to Europe."
The share price rose 1.36% to 119.30p by 14:06.
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
