September 2022, Virtual
September 29 2022, Virtual
Now in its 27th year, the Business Travel Awards
Scottish first minister Nicola Sturgeon has confirmed that Prestwick airport will receive £10 million of investment from the Scottish government.
Sturgeon told Scottish ministers this week that the extra funding was needed to clear a maintenance backlog and refurbish the terminal.
In October last year the Ayrshire airport was purchased by the Scottish government after no private buyer was found.
The airport is currently only used by Ryanair and employs 1,400 people.
Sturgeon confirmed that there would be "no quick fix" for the airport and it would run at a loss for "several years".
"The airport is not currently up for sale because we are in it for the long term and our intention is to secure a return on the public investment in the airport, and market the airport for sale on the basis of the turnaround that happens," she said.
"We're clear that it's a long-term investment, but a return to the private sector remains the end point objective," Sturgeon added.
The Scottish Labour party has criticised the move stating tax-payers have been "left in the dark" about the future of Prestwick airport.
"Nicola Sturgeon had the opportunity today to set out the Scottish government's plans for Prestwick Airport, unfortunately she has failed to do so in any detail, and Scottish tax-payers remain in the dark," said Scottish Labour's infrastructure spokesman, James Kelly.
"Last year Prestwick Airport was losing nearly £1 million a month," Kelly added.
"It's nonsense that it will be a year since the Scottish government bought the site before a credible plan is put to the people of Scotland, especially when the government has blocked the publication of analysis they commissioned on the airport."
The airport had a pre-tax loss of £9.77 million in its final full year under previous owners Infratil.