Stagecoach Group co-founder Ann Gloag has acquired Manston airport in Kent for a nominal £1.

The sale by New Zealand firm Infratil comes a week after it offloaded Prestwick airport to the Scottish government.

Gloag, who set up Stagecoach with her brother Brian Souter, said: “I am delighted to have purchased Manston airport from Infratil as I believe there is real potential for growth that has not been fully captured.

“Having worked in the transport industry for over 30 years, I believe I am very well placed to help maximise opportunities for both freight and passengers at Manston.”

The deal has been done with Lothian Shelf, a firm wholly owned by Gloag.

Infratil chief executive Marko Bogoievski said: “Infratil Limited is very pleased to have found an acquirer with a vision for Manston airport’s future development.

“From Infratil’s perspective, while Manston was a very small part of the company’s overall asset base, this sale will result in a more focused portfolio and improve our future cash flow position.”