A SHORTLIST of seven companies are bidding to take over Southend airport, which is on the market with a £50million price tag.

Informed sources suggest London City airport, which announced its interest last month, is a frontrunner to buy the facility, which is due to be completed in June.

The lease of the Southend Council-owned airport is held by Regional Airports, which plans to use the money from the sale to develop its other airport at Biggin Hill, Kent.

Airport managing director Alistair Welch said: "We can say we have had exceptional interest from potential bidders for the airport.

"The full information was sent out to more than 50 interested parties, who had all shown they were capable of providing the investment which is needed to complete the development of the airport.

"We have now gone through the first qualifying stage and we have reached a shortlist of seven possible bidders.

"We are on target to complete the sale of the airport in June, which was our intention when we started the process in January."

Mr Welch said he could not name any of the seven bidders for the airport because he was bound by commercial confidentiality.

He added: "Our major concern is to ensure the new operators of the airport have the will and the capital to carry out the work which is needed to promote it and provide services for local people, whether they want to travel for business or for a holiday.

"We are anxious to achieve the full potential of the airport for the future."

There have been unconfirmed reports Richard Gooding, London City's managing director, made a visit to Southend airport earlier this week.

London City's interest is no secret, as its Dockland site is likely to become overloaded in the run-up to the 2012 Olympics.

With its closeness to London and the proposed new rail station due to be completed next year, Southend airport could be a perfect fit for both business and commercial flights.

London City airport spokeswoman Rupa Haria said: "Our interest in purchasing Southend airport is well known and we are still pursuing this as much as possible."

John Lamb, Southend councillor in charge of business regeneration, said: "I am delighted the sale of the airport is progressing so well, and there has been so much interest expressed.

"I am convinced when this process is completed, we will have an airport which will play a major part in the regeneration of Southend."