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Response to BBC’s reporting of the Welsh Government's purchase of Cardiff Airport

This press release was published under the 2011 - 2016 Welsh government

Welsh Government response to the BBC’s reporting of the Wales Audit Office report on the purchase of Cardiff Airport
Wednesday 27 January 2016

A Welsh Government spokesperson said:

“The BBC has taken a single set of figures from an 80 page report to wrongly suggest that the Welsh Government paid more than it needed in acquiring the airport. This is entirely selective and misleading. KPMG modelled a range of scenarios during the due diligence process. The resulting valuations varied greatly depending on the cost of capital applied to the calculations.

“After taking further professional advice including a public asset valuation from Arup, the Welsh Government concluded that a valuation of around £55 million would be reasonable from a commercial perspective. The public asset valuation of £472 million also justified the price paid on public value for money grounds.

“We do not anticipate the Wales Audit Office will challenge this approach when it is published.”

 

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Transport 27 January 2016 Economy Programme for Government - Public Services South East Wales
 
 

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