A consortium of Cork businessmen is attempting to put together a Public Private Partnership involving local business figures, Cork local authorities and airport staff and management to buy Cork Airport.
The consortium - headed by local property developer Mr Gerry Wycherley and accountant Mr Niall Welch - has appointed legal and corporate finance advisers and will meet representatives of the Department of Enterprise & Employment next week to present its proposal.
While the recent IBI-Lehman Brothers report on Aer Rianta's strategic options recommended a flotation of the state-operated airport company, the Government is understood to have some reservations about converting a state monopoly into a privatised monopoly.
The local Cork interests believe that the airport has suffered from lack of investment in the past, although this claim is disputed by Aer Rianta which also believes that its management of Dublin, Cork and Shannon airports should remain intact. Cork Airport's local management has also rejected plans to sell the airport.
Aer Rianta is planning to invest £61 million in Cork Airport, but Mr Wycherley said that his consortium, which is being advised by solicitors A&L Goodbody and NCB Corporate Finance, "has the capability to deal with those sort of numbers". Mr Wycherley was unable to give details on how the PPP would be split between the various interests group - business, local authorities and airport workforce.
