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Can't say this was unexpected. Hope they sort something out soon.

Financial crisis grounds flights

The future of Shoreham Airport in West Sussex is uncertain after its parent company went into administration, with debts of a quarter of a billion pounds.

The Erinaceous Group has been appointed administrators and trading on the stock exchange was suspended.

Managers at the airport immediately grounded all flights because of fears the insurance might no longer be valid.

Administrators KPMG said they were in advanced talks to find a new buyer and the airport could reopen on Tuesday.

http://news.bbc.co.uk/1/low/england/sussex/7346625.stm

Thanks Craig for letting me know about this.

It's a nice bit of real estate there Doug, close to the sea, lovely views of Arundel.. let's hope the developers don't get anywhere near it.

Any covenants exist stating it must be an airport or would it be classed "green belt"?

Definitely a shame, CharlottesMum and I used to like sitting on Lancing beach in the summer watching the GA doing circuits.

It's a nice bit of real estate there Doug, close to the sea, lovely views of Arundel.. let's hope the developers don't get anywhere near it.

Any covenants exist stating it must be an airport or would it be classed "green belt"?

Definitely a shame, CharlottesMum and I used to like sitting on Lancing beach in the summer watching the GA doing circuits.

When the dirty deed was done 2 years ago there was a proviso in the lease that it remains an airport for at least 35 years. I would expect this to be as legally binding as anything is these days.

Did you mean Lancing College chapel? You can't see Arundel from Shoreham.

Did you mean Lancing College chapel? You can't see Arundel from Shoreham.

Oh yes..erm..that would be it, got my castles and colleges mixed up

Looks like its open again

http://news.bbc.co.uk/1/hi/england/sussex/7348883.stm

A quarter of a BILLION Pounds in debt... ...!

WOW...!

That's a MILLION Pounds 250 times over... ..!

Bank Manager:
"Would you pop in to see me sometime to have a chat, Mr. Fosbery?".... ...!
Blimey!

Seems that it's been bought already...

Seems that it's been bought already...

Not surprising. I'm sure there were several companies all lined up waiting for this to happen. It's been known for a long time now that they were going bankrupt, it was just a case of waiting for it to happen. I believe Eranicious were waiting for someone to make them an offer. But lets face it, who's going to do that when you could pick it up for a tiny percentage of what they wanted.

A close call... but what's the dirt on ASAL? Can they manage (and do they intend)  to keep the operation solvent, or is the field doomed to be plowed over for condos and retail space?

A close call... but what's the dirt on ASAL? Can they manage (and do they intend)  to keep the operation solvent, or is the field doomed to be plowed over for condos and retail space?

Don't know anything about Albemarle except that it's a subsidiary of previous owners Erinaceous & at least one of the directors is on the board of both.* It's all happened  too quickly for my liking. Nothing would surprise me over this fiasco.

*They apparently did a similar thing at Fairoaks Airport. Very dodgy. IMHO http://www.propertyweek.com/story.asp?storyCode=3097264