New owners for Halfpenny Green Airport in £4.5m deal

Wolverhampton Halfpenny Green Airport near Bobbington began life as an RAF airfield in 1941.

The Stourbridge-based Pegasus Group is the new owner.

Pegasus and Halfpenny Estates, based in Droitwich, have bought Stockstame and its four subsidiary companies which included the 400-acre airfield.

The airport is now a base for several general aviation operators and maintenance providers, including aircraft and helicopter flying schools, several private aircraft operators and various non-aviation-based tenants.

Pegasus Group managing director Tony Hall said: “Such a unique opportunity to acquire Wolverhampton Airport was one not to be missed. First and foremost, I’ve always been a huge aviation enthusiast and having learnt to fly at the airport it holds a place of special significance for me.

“The airport is somewhat of a local treasure so it’s importance in the area was a factor, not only for its resident pilots but also for the surrounding landscape and its neighbours. Lastly, the airport is a business which I hope to see progress and strive to become a thriving airfield for all to appreciate.”

The buyer was advised and assisted with the acquisition by Sheffield law firm Taylor Emmet’s head of corporate Philip Jordan.#

Mr Jordan said: “This transaction was challenging because, in addition to buying five businesses, one also had to adhere to the stringent regulations of the UK Department for Business, Energy, and Industrial Strategy regarding airport security and investment issues as well as the strict regulatory requirements of the Civil Aviation Authority for the airport licence.

“The 400-acre airfield site also had 43 commercial leases that needed to be reviewed and reported upon to the client and the transaction finance provider. Because of this, the acquisition process was intensive”.

The Pegasus Group and the privately held commercial finance company A Shade Greener Finance, based in Tankersley, supplied acquisition funds.