BAA (the British Airports Authority) has announced plans to drop its name after 47 years in a bid to better reflect its modern structure and the changes that have happened to the company over recent years.
In a statement, the airport operator said: “Our business is changing its name to reflect changes within the company, and we're now no longer known as BAA.”
As a result of the changes, Heathrow, Glasgow, Aberdeen and Southampton airports will now operate under their stand-alone brands. BAA Limited will be know as Heathrow Limited while BAA Funding Limited will become Heathrow Funding Limited.
Over time the name BAA will disappear completely and the relevant airport name will take its place.
Colin Matthews, CEO of Heathrow, said: “We are a different company today from when BAA was formed.
“Over the last few years we have sold our stakes in Gatwick, Edinburgh, Budapest and Naples airports and we are in the process of selling Stansted Airport.
“The BAA name no longer fits. We do not represent all British airports; we are not a public authority; and practically speaking the company is no longer a group as Heathrow will account for more than 95% of the business.”
A brief history of BAA:
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Early 1960s: The Ministry of Defence controls all commercial aviation but as air travel becomes more popular running airports becomes too complex and time-consuming for central government.
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1965: Labour minister Roy Jenkins introduces the Airports Authority Bill. It is intended to make the nation's airports more flexible and able to generate revenue while remaining responsible to Parliament. The British Airports Authority is established and assumes responsibility for Heathrow, Gatwick, Stansted and Prestwick airports the following year.
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1971: The British Airports Authority acquires Edinburgh, Aberdeen and Glasgow airports.
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1986: The Airports Act is passed, the Authority is dissolved and all its property, rights and liabilities are passed to a new company, BAA. The following year BAA is floated on the Stock Market.
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1992: Prestwick airport is sold.
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2005: BAA acquires Budapest Airport.
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2006: A consortium led by Ferrovial purchases BAA and BAA de-lists from the Stock Exchange.
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2007: BAA sells Budapest Airport.
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2009: The Competition Commission orders the sale of Gatwick, Stansted and one of either Edinburgh or Glasgow Airports. BAA appeals against the decision to sell Stansted and Edinburgh or Glasgow. The £1.51 billion sale of Gatwick Airport to an entity controlled by Global Infrastructure Partners completes in December 2009.
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2010: BAA sells its stake in Naples airport for £130 million
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2012: Edinburgh Airport is sold to Global Infrastructure Partners for £807 million. BAA announces the start of the sales process for Stansted Airport.
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