Shoreham Airport has been bought by a North Yorkshire-based global aviation company.
The Adur airfield, also known as Brighton City Airport, has been purchased by aviation consultancy company Cyrrus after receiving a six-figure funding package from HSBC UK.
Cyrrus has taken on a 25-year lease on the airfield and associated aviation operations at the airport.
The company said it would improve the airport's visitor offering, including improvements to the 1930s art deco terminal building, and was aiming to attract more private and executive fliers to the airport.
A new management team has already been brought together and new, satellite-based approach procedures to aid landing in low-visibility procedures will soon be introduced.
Cyrrus said its changes would see an increase in aircraft movements by around 12 per cent from last year, create opportunities for new jobs and increase revenue by five to ten per cent in the next 12 months.
Rob Cooke, managing director of Cyrrus, said: “Acquiring Brighton City Airport is a great opportunity to develop and improve a much-loved, local operational base for private and executive flight operations, as well as developing a go-to destination for leisure fliers. With HSBC UK’s backing and guidance, we’ve been able to achieve our ambition of owning and operating an airport, as well as contributing to the local and regional economy.”
The airport had been divided into four individual leases, owned by Albemarle Shoreham Airport Ltd (ASAL), after the company was placed into administration in 2016. Three other leases include pieces of land to be sold for development. Read more about the division into leases here: Talks ongoing over sale of Shoreham Airport leases
Shoreham Airport is the world's oldest purpose-built airport, having officially opened in June 1911.
It currently offers private flying, flight training and business and executive aircraft from asphalt and grass runways.
The airport handles around 50,000 aircraft movements each year, making it one of the busiest general aviation airports in the UK. It has its own air traffic control facility and is equipped with runway and taxiway lighting for after-dark operations within licensed hours.