Biggin Hill Airport agrees £15m deal to fund infrastructure projects including 50-bed hotel
PUBLISHED: 16:07 28 March 2017 | UPDATED: 16:35 28 March 2017
The finance package was agreed with bankers HSBC
Biggin Hill Airport has agreed a £15 million deal with a banker to fund new infrastructure projects.
The finance package with HSBC will be used to construct an additional 140,000 sqft office, hangar, and business aircraft parking facility, as well as the development of a 50-bed four star hotel.
The projects will contribute to the employment targets of 2,300 new jobs by 2020 set by the airport and Bromley Borough Council.
In recent months Biggin Hill Airport has welcomed the arrival of Bombardier Business Aircraft who created a maintenance facility, at the site which is a centre for engineering and aerospace innovation.
Will Curtis, managing director at Biggin Hill Airport said: “With the support of our corporate finance advisors at Smith & Williamson, we went through a rigorous selection process to make sure we had the right partner in place to help fund the next stage in our development. HSBC understood our business model and were genuinely supportive of our plans, backed by a competitive and flexible package.
“Completing the deal with HSBC enables us to fulfil the next stage of our development strategy for further enhancing Biggin Hill’s reputation as the gateway to London and the City for business aviation. Building on the success of the HSBC deal, Biggin Hill is introducing extended operating hours in the coming weeks which will provide our customers and users with unrivalled flexibility and capacity.”
James Shepherd, area director in HSBC’s corporate banking team, added: “Biggin Hill Airport is an ambitious business with plans to build more hangar capacity and house internationally recognised engineering and maintenance companies. Our experience funding significant development projects like this one helped us put a competitive and flexible finance package in place that has enable work to start at the airport straight away. We look forward to watching the project as it progresses and continuing our relationship with the airport team.”
Biggin Hill are marking their centenary year in 2017 with a programme of special events including a 2-day Centenary Festival of Flight staged over the weekend of August 19 and 20.
Visit bhfof.com for more information.