Humberside Airport, previously owned by the Manchester Airport Group, has been sold to Eastern Group.
It is believed that the site was sold for £2.3 million, just a fraction of what MAG bought the site for in 1999.
Humberside Airport was originally purchased for £10 million and a further £7 million has been invested on the site over the last decade. The value of the deal was not disclosed by either party, but it is believed to be £2.3 million after details of the sale were included minutes of Bolton council’s cabinet’s last meeting,
Eastern Group operates Eastern Airways, which has its headquarters on the Airport site at Kirmington and mainly provides flights to Scotland for oil workers, as well as a number of UK and European destinations.
Humberside Airport is the UK’s second largest airport-based heliport, serving the North Sea’s offshore oil industry.
North Lincolnshire Council will also hold on to its 17.5 per cent stake in the Airport.
It is also understood that no jobs will be affected by the takeover.