Construction group Balfour Beatty has agreed to buy a 95 per cent stake in Blackpool International Airport, which is expected to handle around 500,000 passengers this year.

The £14 million deal comes after the construction giant's regional airports division bought Exeter International Airport for £60 million.

Blackpool council, which will retain a five per cent stake in the airport, has said Balfour's majority buyout should result in economic growth and new jobs.

Councillor Peter Callow said: "The airport has developed rapidly in recent years and I am confident that Balfour Beatty will be able to take it to an even higher level.

"I know that they have very exciting plans for the future which will see expansion of both flights and facilities."

Airlines like Ryanair and Jet2.com fly from the airport, which recently underwent a £2 million refurbishment.

The airport allows passengers to fly to other parts of the UK, as well as Ireland and 20 European mainland destinations, such as Venice, Rome, Malta and Sardinia.