Scots banker readies cash for airport bid

SCOTTISH investment banker Ben Thomson has received firm commitments from a number of backers of his consortium bid for Edinburgh airport.

Speaking for the first time about his attempts to acquire the facility, he said a bid would be submitted once airport owner BAA was in a position to receive offers. “We have access to finance and I am talking to people interested in joining the consortium,” he said.

Scotland on Sunday last week revealed that Thomson, chairman of Inverleith Capital, and Richard Jeffrey, former managing director of Edinburgh Airport, were proposing to launch a bid after BAA was ordered to sell one of its Scottish assets by the Competition Commission.

There was some surprise in the industry and among others interested in developments that BAA put Edinburgh rather than Glasgow on the market. It also owns Aberdeen. The company is thought to be anticipating bids of about £600 million, with some analysts suggesting that Edinburgh’s growth could encourage bidders to pay close to £1 billion.

One motivating factor behind the consortium’s interest is their fear that Edinburgh may lose traffic to Manchester.

Thomson and Jeffrey have held talks with potential investors, though no names have yet emerged. “We are not ready to say who we are talking to,” said Thomson.