Manchester councils investment takes off
0Manchester Airport has announced the completion of the first phase of £1bn expansion plans following investment from local councils.
A new 1,400-seater passenger lounge will enable more flights and boost passenger numbers.
The airport, which as part of Manchester Airport Group has nine Greater Manchester (GM) district councils and Manchester City Council as majority shareholders, has used shareholder loans to enable its future development and Stansted Airport which the group also owns.
A report to councillors said: “As well as the direct return on the loans, the airport transformation programme that the loans are supporting should enable the future anticipated dividend rates to the paid.”
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