Workers at Manston Airport are hoping for a strong future after the owners announced its sale.
Infratil Ltd has described the purchaser as having “a vision” for the airport's development.
The buyer is Lothian Shelf (710) Limited, wholly owned by Ann Gloag.
Thanet District Council leader Cllr Clive Hart said: "I am pleased that Ann Gloag is approaching the purchase of Manston with such a positive attitude and that she clearly see's a strong future for the airport.
"I sincerely hope this means that jobs at the airport are secure and that the settlement can be completed as soon as possible in the interests of all concerned. I look forward to forging a good working relationship with the new owners."
Infratil has announced the sale on its website for £1 plus an adjustment for working capital variances and cash injected by Infratil, expected to be around £350,000, between October 14 2013 and completion of the transaction completion.
Ann Gloag is an experienced investor who co-founded Stagecoach Group, the UK-listed public transport operator, along with her brother, Brian Souter.
Cllr Clive Hart, leader of Thanet District Council
The Infratil website includes a statement from its chief executive Marko Bogoievski: “Infratil Limited is very pleased to have found an acquiror with a vision for Manston Airport’s future development.”
“From Infratil’s perspective, while Manston was a very small part of the company’s overall asset base, this sale will result in a more focused portfolio and improve our future cash flow position.”
Ann Gloag is quoted saying: “I am delighted to have purchased Manston Airport from Infratil as I believe there is real potential for growth that has not been fully captured.
“Having worked in the transport industry for over 30 years, I believe I am very well placed to help maximise opportunities for both freight and passengers at Manston.”
The announcement, attributed to Infratil’s chief financial officer Kevin Baker, says completion and settlement of the Manston Airport sale will take place on November 29 or earlier, at the purchaser’s request. It is only conditional on matters within Infratil’s control.
North Thanet MP Sir Roger Gale said: "The sale of Manston to Gloag puts an end to the uncertainty that has inevitably surrounded the future of the airport since Infratil first put the business on the market.
"The new company has a track record of investment in the transport industry and clearly intends to seek to realise the potential of an airport that I believe is vital to the future of aviation in the south east.
"It is very much business as usual with a renewed emphasis on growth and I trust that we can now look to the future with renewed confidence."