Stobart Group has agreed to buy Southend Airport for up to £21m. The company is to raise £11.5m from the placing of 15.7 million new shares at 73p each and will use £10m of the proceeds and a £6m vendor loan note to pay the initial £16m.
It could then pay another £5m subject to the "achievement of certain aspects of the airport's development". Stobart intends to implement Southend Airport's development plans, including the construction of a new railway station.
Andrew Tinkler, Stobart chief executive, says: "At one stroke we have found our Southern base and greatly enhanced our position as a leading point-to-point service provider for customers in the UK and Europe who require fast and efficient services by air as part of their logistics solutions."
The firm also has an option until January 2009 to 
buy Carlisle Airport, and a planning application in respect of the site was submitted in October.