Regional and City Airports (RCA), the airport investment and development arm of Balfour Beatty, has purchased the Squires Gate-based terminal from Northern Ireland-based property developer, Mar Properties.

The deal, announced on Tuesday, is subject to approval from Blackpool Council later this year.

Balfour Beatty chief executive Ian Tyler said the engineering giant saw the airport was a "thriving international gateway" into Lancashire and Cumbria.

He said: "We will work together with the airlines and our local partners to help increase its penetration within this core catchment area and to play its part in attracting inbound visitors to the region.

"We believe that our approach will deliver significant, sustained growth in passenger traffic at the airport and will generate important economic benefits for it and for Blackpool.

"Our aim is to develop Blackpool to be the airport of choice for residents, businesses and visitors of Lancashire and Cumbria."

Coun Peter Callow, the leader of Blackpool Council which owns a 5% stake in the airport, said the new owners would take the airport to "an even higher level".

He said the move would lead to the expansion of the airport, which is expected to handle 500,000 passengers on 12 routes throughout the British Isles and Europe this year.

He said: "I know that Balfour Beatty has very exciting plans for the future which will see expansion of both flights and facilities."

The deal is RCA's second airport purchase in less than 18 months having bought Exeter International Airport in Devon in a £60m in January last year.

Balfour Beatty has also been involved in the development of Heathrow, Gatwick and BAA Scottish airports, as well as major projects in Hong Kong, Dubai and Miami.

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