RavenFox: Ferrovial identifies World Duty Free as “core asset”

RavenFox: Ferrovial identifies World Duty Free as “core asset”: "Ferrovial identifies World Duty Free as “core asset”
08-Nov-2006
Gavin Lipsith


The new owner of UK airports group BAA has identified its travel retailer subsidiary World Duty Free as a core UK asset that is not for sale
Spanish firm Ferrovial has decided not to sell UK airports group BAA’s airport retail subsidiary World Duty Free (WDF), RavenFox.com can reveal. BAA commercial director Duncan Garrood confirmed that Ferrovial has completed the strategic review of BAA it launched after acquiring it in August, and has identified WDF as a “core UK asset” that is not for sale.
The statement ends speculation that Ferrovial would look to sell BAA’s in-house retailer as a result of the debt burden following the acquisition and its previous lack of expertise and interest in retail. Garrood told DFNI that Ferrovial was attracted by BAA’s management expertise across the board and in retail in particular, and that following the internal review it was committed to developing the business in the long term.
The review also examined BAA’s strategic plan with regard to international expansion, with Ferrovial ultimately deciding to focus its efforts on the group’s core UK market. Garrood explained that it was that decision that prompted Ferrovial’s sale of Budapest airport, only recently acquired by BAA.

See DFNI November 15, out next week, for The DFNI Interview with new BAA commercial director Duncan Garrood."