Multi-million pound plans to re-develop Swansea Airport have been announced by a city businessman.

Louisa Morgan and her husband Martin have taken over the airport's lease and they eventually intend to turn Fairwood into a regional airport for south west Wales.

Swansea Council officials have welcomed the news of the airport takeover by Mr Morgan.

It is understood that Swansea Aviation will continue to act as technical operators with Mr Morgan in charge of all developing the airport's potential, which may include a hotel on the site.

Mr Morgan is reported to have said the airport lease will run for 18 years with the aim of turning it into a regional airport within a few years.

The 37-year-old became a multi-millionaire last May when he signed a �40m deal with holiday company Thomson Travel for his Travel House company.

Mrs Morgan told BBC Wales: "We really want to put the airport back on the map.

"There is the potential for some weekly chartered flights.

"We are going to put a substantial investment into the airport and we are looking at three or four years down the line before commercial flights.

"We have to be realistic with the size of the airport, it can only accommodate a certain size of aircraft."

She added: "There is a call for a regional airport and the potential is definitely there."

Dr Mel Edwards from Swansea council said: "We have heard some exciting plans for the airport.

"As far as the business community is concerned, we know there is a demand for the European and domestic markets.

"Investors often ask about the availability of air services."