by Chris Graeme
Jet Republic, a private bespoke corporate jet company, launched its Portugal-based operations in Lisbon on Monday.
Originally set up in London in September, it is the first private jet company with its own cabin crew using medium-sized planes.
Its fleet will be made up of 110 new Bombardier Learjet 60 XR with interior cabins specifically designed by Portuguese interior designer Jose Luiz Monteiro.
Jet Republic was set up with the aim of redefining the private jet flight business and has made the largest order of private jets ever made in Europe at an investment of UShttp://www..5 billion thanks to financial support from Austria’s principal private bank Euram and a consortium of its clients and partners.
The company was able to raise the investment loan despite the difficult economic recession because the number of private jet flights worldwide increased by 83 per cent between 1998 and 2007 with an increase of 52.5 per cent just between 2003 and 2007.
The fleet of private jets in Europe is also estimated to grow over the next 10 years by between 13 and 25 per cent.
This is because the number of super-rich in the World and Europe is increasing at a rhythm of seven to eight per cent per year while business trips at an executive level are seen as an imperative necessity rather than an excessive expense to companies.
The planes will fly to more then 1,000 airports in Europe with guaranteed aircraft availability at 24 hour’s notice while the company offers the highest level of end-to-end global concierge service, including dinner reservations and theatre tickets, a virtual executive aide on call night and day, multilingual flight attendants, I-Pod video, on call food and drinks service that adds up to the kind of service offered by a five-star boutique hotel.
Jonathan Breeze, CEO of Jet Republic, said: “Despite the current economic climate, the private jet market was showing strong growth while the level of service in the private jet sector still had some room for improvement.
“Given these factors we saw a real and solid opportunity to conquer a significant percentage of the market; we have the right product and the financial backing to make this project a reality as well as having an experienced and talented management team to make our strategy a success.”
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