Vinci sells TBI stake

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The French group has ended its relationship with UK's TBI, owner of London Luton, Cardiff and Belfast airports

French construction and management firm Vinci has sold its remaining 10.1% stake in UK airport operator TBI for around £36m ($66.2m). The company acquired the stake in August 2001 but pulled out of a takeover bid a month later after the attacks that plunged the aviation industry into a worldwide recession.

Vinci was forced to relinquish its stake in Mexican airport authority ASUR in April, selling its 24.5% holding in Inversiones y Tecnicas Aeroportuarias. But the group confirmed that it would continue to invest in medium-sized airports in France and abroad.

TBI owns London Luton, Belfast International and Cardiff International airports and some locations beyond the UK. It posted a fall in full-year pre-tax profit in March 2004 from £11.2m ($21m) the previous year to £6.2m ($11.5m). However, it noted a strong upturn in the aviation market and reported that average spend per passenger across commercial activities (parking, car rental and retail) was up slightly on the previous year to £6.90 ($12.70).