BAA puts duty-frees up for sale
BAA has started the auction of its chain of World Duty Free shops. Prospectuses
were sent out to interested buyers earlier this month. The business has an annual
turnover of £440m with profit before tax of £30m and the 12-year lease on the
65 shops could fetch up to £450m.
Figures published by BAA last month revealed that its net income from retail
across its 7 UK airports grew by 4.5% to £493m over 9 months as passengers spent
an average of £4.30, up 3%.
The sale of the chain is the latest disposal by BAA since it was bought by Ferrovial,
the Spanish industrial group, last summer.