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Wiggins is to raise £46m to fund the development of its airports and commercial property business, and will change its name to PlaneStation Group.

Wiggins, the airport owner and property developer, is raising £6m in a share placing to fund the expansion of its PlaneStation network in Germany.

Wiggins has acquired Lahr airport in Germany for £1.5m, as part of a strategy to set up a network of 20 regional airports.

Wiggins is hoping to secure planning permission later this year for a £100m horseracing stadium at Fairlop Waters in London.

Wiggins is planning to set up a new passenger service at Manston airport in Kent, and discussions are taking place with an unnamed low-cost airline.

Wiggins has signed a 20-year deal with Air Atlanta Icelandic to operate charter and freight flights from Manston airfield, as part of a plan to transform the site into London's fourth airport.

Wiggins Group is acquiring Tomorrows Leisure, the hotels and leisure management concern, for about £15m.