Topic Author
Posts: 744
Joined: Tue Jan 11, 2005 4:14 am

BA Sells Its Share In The London Eye For £95M

Fri Nov 11, 2005 1:17 am

Looks like BA are further improving the balance sheet by selling their stake in the London eye today for £95M ($166M US)

From BBC News:

BA sells its share of London Eye

The Eye has proved to be a huge hit with tourists
British Airways has said it has sold its share of the London Eye for £95m.
The airline's one third share was bought by the Tussauds Group, which now owns two-thirds of the city's most popular paid-for tourist attraction.

BA will sell its interests in the Eye, including a loan, to Tussauds, which wants to invest £50m in it over the next five years and create 100 jobs.

The wheel, on London's South Bank, has attracted 18 million visitors since it opened for the Millennium.

Martin George, British Airways' commercial director, said: "I am delighted that we have reached an agreement that paves the way towards securing the future of the Eye for generations to come.

The deal will also enable us to continue to strengthen our balance sheet and focus on our core business

British Airways' Martin George

"British Airways has supported the Eye for nearly a decade and will continue to do so with the extension of its franchise agreement.

"The deal will also enable us to continue to strengthen our balance sheet and focus on our core business."

Peter Phillipson, chief executive of the Tussauds Group, said: "It has been everyone's objective to create a financially secure and long-term future for the London Eye and this deal will achieve this.

"We believe that we have the operational experience through our city centre attractions such as Madame Tussauds, theme parks like Thorpe Park and national historic treasures like Warwick Castle to continue to develop The Eye as an icon that London and Londoners can remain proud of."

Rent row

Earlier this year the attraction was the subject of a rent row.

The owners of the Eye had a judicial review over an increase in rent by the landlords the South Bank Centre (SBC), which owns some of the land on which the wheel stands, thrown out by the High Court.

The SBC was reported to be demanding a hike from £65,000 to £1m-a-year.

But an agreement in principle has now been agreed for a new 25 year lease, the details of which have still to be agreed.

Marks Barfield Architects, who conceived and designed the 135 metre high structure said to be the world's largest observation wheel, owns the other third of the Eye.
I AM the No-spotalotacus.
User avatar
Posts: 3568
Joined: Mon Mar 14, 2005 12:48 am

RE: BA Sells Its Share In The London Eye For £95M

Fri Nov 11, 2005 1:38 am

VS should of got in there, I'm sure BA would love that!  Wink

I wish another airline would invest in more projects like this, similar to Southwest and the San Diego zoo!  Smile

Rob!  wave 
As smooth as silk

Who is online

Users browsing this forum: A330NZ, adools, alomar, anplatinum, atcsundevil, Baidu [Spider], Bing [Bot], BobPatterson, CONTACREW, dolphinflyer, FGITD, Google Adsense [Bot], ikolkyo, LFW, log0008, MesserJ, Mywhitespy, NeBaNi, Nouflyer, octubre299, Prost, RickNRoll, thegoldenargosy, ty97 and 9 guests

Popular Searches On Airliners.net

Top Photos of Last:   24 Hours  •  48 Hours  •  7 Days  •  30 Days  •  180 Days  •  365 Days  •  All Time

Military Aircraft Every type from fighters to helicopters from air forces around the globe

Classic Airliners Props and jets from the good old days

Flight Decks Views from inside the cockpit

Aircraft Cabins Passenger cabin shots showing seat arrangements as well as cargo aircraft interior

Cargo Aircraft Pictures of great freighter aircraft

Government Aircraft Aircraft flying government officials

Helicopters Our large helicopter section. Both military and civil versions

Blimps / Airships Everything from the Goodyear blimp to the Zeppelin

Night Photos Beautiful shots taken while the sun is below the horizon

Accidents Accident, incident and crash related photos

Air to Air Photos taken by airborne photographers of airborne aircraft

Special Paint Schemes Aircraft painted in beautiful and original liveries

Airport Overviews Airport overviews from the air or ground

Tails and Winglets Tail and Winglet closeups with beautiful airline logos