The Manchester Airports Group (MAG) said that they plan to spend an estimated GBP122 million for the overall improvement of Stansted Airport. The company will initially shell out GBP40 million or US$61.3 million to spruce up lounges and to add perks to London's Stansted Airport. Manchester Airports Group said that they plan to add on perks like valet parking, fast track security lanes, revamped shopping outlets and a new food court in an attempt to draw carriers like Emirates and Etihad Airways to the Stansted Airport.

The new owner of the London's third-largest airport said that they are working with retailers and said that the company is will shell out an additional GBP80 million for an improvement program to improve Stansted Airport.

"We're looking to use the relationships we have with the other full-service carriers such as Etihad, Emirates, etcetera to bring a richer mix of traffic to Stansted," MAG Chief Financial Officer Neil Thompson said. "That typically incorporates broadening the product offering."

MAG said that they have signed an agreement with EasyJet Plc in an attempt to grow the flow of traffic in Stansted. They agreement was signed after MAG purchased Stansted from Heathrow Airport Ltd for GBP1.5 billion. MAG said that they are planning a similar deal with Ryanair Holdings Plc, Stansted's largest operator.

"Stansted has had no focus and no incentive as part of the previous ownership to grow, so we're going to change that," Thompson added. "There is plenty of opportunity for growth before any cost or expansion is required."