ADMINISTRATORS have secured the sale of Kent International Airport to a New Zealand investment company for £17million.

Exactly one month after the collapse of airline EUjet and parent company Planestation, adminstrators Grant Thornton have secured the deal with Wellington based Infratil Ltd.

The company which specialises in infrastructure investments already owns Glasgow Prestwick airport and says KIA will complement its expanding European operation.

In a statement announced on Thursday morning the company says it plans to relaunch freight and passenger services at Manston.

Infratil chairman David Newman said: "KIA fits well with our existing European airport, Glasgow Prestwick. Both airports are set up to service the fastest growing air transport segments, low cost airlines and air freight."

Infratil European chief executive Steven Fitzgerald will manage KIA.

He said: "Our acquisition business case recognises that it will take some time to bring KIA to profitable operation, as there are no existing services.

"However, the quality of the existing assets and the location of the airport in south east England, close to London, makes us confident that demand for both freight and passenger services is there.

"The first services to be reinstated at KIA will be freight operations. We have already had informal talks with freight operators who are keen to bring business to KIA, because of the fast service that it can deliver and its proximity to distribution centres and London."

Andrew Conquest of joint adminstrators Grant Thornton added: "I am very pleased to have secured the sale of the airport as a going concern and secured the remaining jobs.

"Infratil are an experienced airport operator and are confident in their ability to make the airport a success. The existing staff will transfer with the sale and more employment will be generated as air traffic grows.

"Whilst it is regrettable that 127 staff had to be made redundant, our swift action has secured the long-term survival of the airport and with that further employment opportunities.

"It is too early at this stage to estimate what this deal will mean to the group’s creditors as there are a number of other group interests to deal with."

Paul Tipple, chairman of the East Kent Partnership, expressed his delight at the news.

He said: "Infratil is an established and respected airport operator. Its acquisition of KIA offers a new an exciting opportunity to realise the airport’s recognised potential for both passenger and cargo operations.

"We very much welcome the company’s wish to involve the local authorities and business community in the development of its plans and the opportunity that it presents for Infratil to play its part in the economic development of east Kent."