BAA drops its name
BAA is dropping its name with Heathrow, Glasgow, Aberdeen, Southampton and Stansted airport now operating under their own stand-alone brand.
The airport operator says the BAA name no longer fits having sold stakes in Gatwick, Edinburgh, Budapest, Naples and being in the process of selling a stake in Stansted.
With Heathrow accounting for 95% of the business, the company says it is no longer a ‘group’.
Heathrow chief executive, Colin Matthews, said:"We are a different company today from when BAA was formed.
"The BAA name no longer fits. We do not represent all British airports; we are not a public authority; and practically speaking the company is no longer a group as Heathrow will account for more than 95% of the business."
"Dropping the BAA name marks a symbolic break with the company of the past.
"We are now starting the process of replacing the BAA name with each individual airport brand. We will continue to publish quarterly financial results for airports financed with publicly-traded debt. Following the sale of Stansted these results will therefore focus solely on Heathrow Airport."
Amanda McMillan, Derek Provan, and David Lees will continue as the managing directors of Glasgow, Aberdeen and Southampton Airports respectively.
The British Airports Authority was established following an Airports Authority Bill in 1965 and assumed responsibility for Heathrow, Gatwick, Stansted and Prestwick airports the following year.
In 1986 the Authority was dissolved and all its property, rights and liabilities were passed to a new company, BAA, which was floated on the Stock Market the following year.
A consortium led by Ferrovial purchased BAA in 2006 and BAA de-listed from the Stock Exchange.
By Diane Evans
Diane
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