Esken, the prominent U.K. energy and aviation infrastructure company, has announced that the sale of its core operating businesses and residual non-core assets is well underway. The primary objective of this managed disposal process is to generate value for its shareholders.
Esken, which owns and manages London Southend Airport, stated that negotiations with the preferred bidder for the acquisition of its renewables division are advancing positively. The company expects to reach an agreement in the near future.
The challenges faced by Esken in the year ending February 28, 2023, due to biomass plant outages, persisted into the new fiscal year. However, there are now promising indications of an improvement in gate fees, and it anticipates enhanced plant performance in the latter half of the fiscal year.
The decision to sell London Southend Airport aligns with Esken's strategic approach to secure shareholder value while establishing a long-term partnership that can foster future growth.
As part of its commitment to managed disposals and the eventual wind-down of the group, Esken has initiated consultations with its staff at the group level. This includes implementing a phased redundancy plan to reduce central costs as the disposals reach completion.