THE company which owns Durham Tees Valley Airport has admitted for the first time it could give up some of its stake in regional airports.

Peel said it was looking for a “like-minded partner” to invest in its loss-making airports division, which includes Durham Tees Valley.

But it ruled out a sale of the airport in its entirety along with the others it owns – Liverpool John Lennon and Robin Hood Doncaster Sheffield.

It is understood that a number of informal approaches have already been made by interested parties, with Peel stating that it would be willing to give up a majority share in the business.

Passenger numbers at Durham Tees Valley fell by 12 per cent last year and a number of airlines have also axed flights from the airport, including flyglobespan, Thompson, Wizz Air and bmibaby, which pulled flights to Heathrow.

In a further blow, Peel last week lost a multi-million pound claim for damages it had brought against budget operator bmibaby, which it said was in breach of contract when it withdrew services in 2006.

In an interview with the Crain’s Manchester Business publication, Neil Pakey, deputy chief executive of Peel Airports, said: “The key word is co-investor.

We are seeking co-investors.

Peel has a desire to stick with Peel Airports Group for both the short and long term.

“What we are doing is testing the market. We are not thinking of selling off any airports.”

Mr Pakey said it was possible it could end up with a minority stake in its airport division, but equally “100 per cent if the market response is not right.”

Aviation analysts have suggested that, even if Peel was to dispose of its airports completely, now would not be a good time to sell owing to the deteriorating state of the market.

Ian MacKenzie, a regional organiser with the GMB union, said it would be open to a new investor, or partner, in Durham Tees Valley.

He said: “Peel were going to turn the business round and there have been lots of promises and reassurances, but they have struggled. If any organisation came in with constructive plans and finance which could assist in a meaningful way – and if they had a track record in aviation which could bring custom into the airport – that would be good news.”

● Durham Tees Valley Airport is to appeal after losing a bid to win £12m damages from budget airline bmibaby after it withdrew its services in 2006.

In the High Court last week, Mr Justice Davis ruled “with some reluctance” that, although a contract existed obliging the airline to operate two aircraft from the airport until April 2014, the terms were too vague to be enforceable.

The airport – ordered to pay costs of up to £1m – has vowed to take its case to the Court of Appeal.