Doncaster Sheffield Airport is closing with flights to begin "winding down" next month, bosses have stated.
The regional airport will be shut down, likely costing 800 jobs directly and impacting 2,700 more.
Owners, Peel Airports Group, said a strategic review concluded the airport was "not viable due to its lack of adequate forward revenues and high operating costs", Insider Media reports.
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It was not announced when the airport would fully close, but 'winding down' is due to begin from October 31, reports the Mirror.
The closure will have a major impact on the local area, meaning lengthy journeys for people looking to jet away and the loss of many jobs.
Robert Hough, chairman of Peel Airports Group, said: "We recognise that this will come as a great disappointment to many.
"The intractable problem remains the fundamental and insufficient lack of current or prospective revenue streams, together with the airport's high operating costs.
"Our employees have always been DSA's greatest asset, and we are grateful to them all, past and present, for their dedication and diligence over the years.
"The immediate priority remains to continue engaging closely with them over the next few weeks."
The local council , South Yorkshire Mayoral Combined Authority (SYMCA) and the Department for Transport (DfT) held meetings with the Peel Group to try and solve the issue, but this did not change the outcome.
The Doncaster Free Press noted that Peel added: "On Friday, 23 September, Peel received a further letter from SYMCA and Doncaster Council, which was supported by the Mayor of South Yorkshire and the Mayor of Doncaster, along with the Leaders of Barnsley and Rotherham, which included a proposal to provide public money to DSA to fund its operating losses until 31 October 2023.
"The grant was described as providing DSA with free cashflow to sustain losses that may occur over thirteen months while the Peel Group and South Yorkshire partners jointly explore the future potential of DSA and the GatewayEast site.
"In the absence of any actual proposals to address the lack of viability of DSA, even those at an early stage of development, or any identified potential acquirers or operators of DSA, Peel’s Board has concluded that it cannot responsibly accept public money for this highly uncertain process against the backdrop of an unviable, loss-making operating business."
As such, the shut down is to go ahead from the end of next month.
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