Heathrow - Change of Name
RNS Number : 6420O
15 October 2012
07.00, Monday 15 October 2012
END OF "BAA"
From today the name BAA will be dropped. Heathrow, Glasgow, Aberdeen
Southampton and Stansted Airports will operate solely under their own
Heathrow Chief Executive, Colin Matthews, said:
"We are a different company today from when BAA was formed. Over the last few
years we have sold our stakes in Gatwick, Edinburgh, Budapest and Naples
airports and we are in the process of selling Stansted Airport. 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
want Heathrow's focus to be on its customers, to continue to improve its
operational performance and to carry on investing billions of pounds in new
passenger facilities.This summer, the Olympics and Paralympics showed the UK
and Heathrow at their best, delivering a welcome of which the UK could be
proud. Now we have to build on that welcome still further, providing a better
experience to our customers every single day."
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.
Notes to editors:
BAA (SP) Limited has changed its name to Heathrow (SP) Limited. BAA Funding
Limited has changed its name to Heathrow Funding Limited.
Amanda McMillan, Derek Provan, and David Lees will continue as the Managing
Directors of Glasgow, Aberdeen and Southampton Airports respectively.
Nick Barton continues as Managing Director of Stansted Airport. We are in the
process of divesting Stansted as required by the Competition Commission.
History of BAA
Early 1960s:The Ministry of Defence controls all commercial aviation but as
air travel becomes more popular running airports becomes too complex and
time-consuming for central government.
1965:Labour minister Roy Jenkins introduces the Airports Authority Bill. It
is intended to make the nation's airports more flexible and able to generate
revenue while remaining responsible to Parliament. The British Airports
Authority is established and assumes responsibility for Heathrow, Gatwick,
Stansted and Prestwick airports the following year.
1971: The British Airports Authority acquires Edinburgh, Aberdeen and Glasgow
1986: The Airports Act is passed, the Authority is dissolved and all its
property, rights and liabilities are passed to a new company, BAA. The
following year BAA is floated on the Stock Market.
1992:Prestwick airport is sold.
2005: BAA acquires Budapest Airport.
2006: A consortium led by Ferrovial purchases BAA and BAA de-lists from the
2007: BAA sells Budapest Airport.
2009: The Competition Commission orders the sale of Gatwick, Stansted and one
of either Edinburgh or Glasgow Airports. BAA appeals against the decision to
sell Stansted and Edinburgh or Glasgow. The £1.51 billion sale of Gatwick
Airport to an entity controlled by Global Infrastructure Partners completes in
2010: BAA sells its stake in Naples airport for £130 million
2012:Edinburgh Airport is sold to Global Infrastructure Partners for £807
million. BAA announces the start of the sales process for Stansted Airport.
Media enquiries, please contact:
Richard Scott Heathrow 020 8745 7224 / 07970 093146
Brian McClean Glasgow 0141 848 4558 / 07754 390160
Sarah Campbell Aberdeen 01224 348500 / 07785 576664
Jan Halliday Southampton: 023 80 627233 / 07801 697926
Will Parkes Stansted 01279 664139 / 07713 075077
Investor enquiries, please contact:
Andrew Efiong Heathrow 020 8745 2742
This information is provided by RNS
The company news service from the London Stock Exchange
CANBKBDPPBDDAKD -0- Oct/15/2012 06:00 GMT
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