Balfour Beatty has announced that it has reached an agreement to sell its 95% share in Blackpool Airport to Blackpool Council.

The stake has been sold for a total cash consideration of £4.25 million (US$5.75 million).

Situated on the Fylde Coast, Blackpool was one of the first aviation sites in the UK.

A Balfour Beatty spokesperson said:

“The sale of Blackpool Airport further simplifies the portfolio, in line with the Group’s strategy”.

Blackpool Council had originally owned the airport until 2004, when it sold the stake to a consortium led by City Hopper Airports and Mar Properties for £13 million. The council retained the remaining 5%, while the rest was sold to Balfour Beatty in 2008.