2nd Mar 2023 16:57
(Alliance News) - Esken Ltd on Thursday put its renewables division and aviation unit Southend Airport up for sale.
The London-based firm, which announced a strategic review back in November, said a break-up will be the best way to secure the long-term potential of the units.
A sale process for Esken Renewables is underway, with a number of firms interested.
It will also explore a sale of Southend Airport, its Aviation business. An initial planning phase has commenced.
"A key objective will be to find the right buyer with the capital to support the growth prospects of the airport over the long term and benefit airline partners, customers and local stakeholders," Esken said.
In addition, it is still after buyers for non-core assets, which were worth GBP36 million at the end of August.
Esken added: "The net proceeds from disposals will be used firstly to pay down debt and provide liquidity to the remaining group until the disposal programme has been completed. Esken expects to provide a fuller update on progress at the time of the announcement of the full year results."
Esken shares closed 0.2% lower at 5.99 pence each in London on Thursday.
By Eric Cunha, Alliance News news editor
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