The sale of Gloucestershire Airport falls through after more than eight months of negotiation with preferred buyer Horizon Aero Group.
Joint owners Cheltenham Borough Council and Gloucester City Council say they are ‘disappointed’ as they were ultimately unable to accept the terms of the sale, which had “moved significantly away from the original bid prospectus”.
The councils will maintain close contact with operators and tenants to provide reassurance as work continues on alternative options.
The site includes two business parks and planning consent for an additional 30,000 square metres of business space.
It was earmarked for sale in November 2023 to help balance the books, with Horizon Aero Group announced as the preferred bidder in July last year.
They had hoped to sell it for £25m, but target dates to complete the deal were repeatedly missed.
Councillor Rowena Hay, leader at Cheltenham Borough Council said: “It is our duty to deliver best value on the sale of the airport and of course after a long period of due diligence, we are disappointed that we couldn’t reach an agreement to deliver that and proceed with the sale to Horizon Aero Group.
“We fully appreciate the concern this will cause, particularly for those employed at the airport who will have worked hard to support the sale process.
“As we move forward, we are committed to continued engagement with staff, operators, tenants and key stakeholders to discuss the future and reach a positive outcome for Gloucestershire Airport.’’
The leader of Gloucester City Council, Councillor Jeremy Hilton, said: “This news is clearly disappointing as the combination of a clear commitment to flying by Horizon, and the continued operation of aviation based businesses, would have provided a strong future for the site.
“I fully recognise that people hold different views about the potential uses of the site, but our responsibility is to take a measured, evidence‑based approach that leads to the right outcome for the long term.”
Savills were appointed by the councils in 2024 to find a buyer and assess their suitability.
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