Manchester Airports Group
 |
|
| MAG | |
| Public holding | |
| Industry | Transport |
| Founded | 2001 |
| Headquarters |
Manchester Airport, Manchester, Greater Manchester, England, United Kingdom |
| Products | Airport operations and services |
| Revenue | £738.4 million (2015) 10.0%
|
| £283.6 million (2015) 17.2%
|
|
| Total assets | £3.218 billion (2015)< 0.01%
|
| Total equity | £1.5 billion (2015) 0.01%
|
| Owner | Ten boroughs of Greater Manchester (64.5% total) IFM Investors (35.5%) |
|
Number of employees
|
40,000 |
| Subsidiaries | MAG Developments Bournemouth Airport East Midlands Airport London Stansted Airport |
| Website | www |
The Manchester Airports Group plc (commonly abbreviated as MAG) is a holding company which is owned by the ten metropolitan borough councils of Greater Manchester, in North West England, and Australian investment fund IFM Investors. Founded in 2001 following the acquisition of East Midlands Airport, MAG is the largest UK-owned airport operator, following the purchase of BAA by Spain's Ferrovial Group in 2006. The Group owns four British airports, Bournemouth, East Midlands and Manchester Airport which is the busiest airport outside the London region, as well as London Stansted Airport. In 2014, 47.1 million passengers used Manchester Airports Group
Of the ten metropolitan boroughs of Greater Manchester, Manchester City Council holds the largest stake, at 35.5%. The remaining nine councils hold a total of 29%. IFM Investors own a 35.5% stake in MAG. The Group has its registered office at Manchester Town Hall. MAG operates on a commercial basis at arms length from its public owners who only take a dividend from profits. This was £20 million in 2010 while MAG retained £80 million from the £100 million profit.
Manchester Airport opened in 1938 and was funded by Manchester City Council and has remained in public ownership ever since. It is the third-busiest airport in the United Kingdom after Heathrow and Gatwick and is fractionally busier than Stansted (see Busiest airports in the United Kingdom by total passenger traffic). The M56 motorway was built to serve the airport in 1972, a new rail station was opened in 1993 and a second runway was completed in 1997.
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Wikipedia