Private jet fractional ownership attracts soaring demand
A newly launched private jet company, Jet Republic, which specialises in fractional ownership and member's cards, said it is benefitting from the economic turndown as businesses and governments sell their private jets and switch to temporary ownership.
Jonathan Breeze, chief executive of the company said institutions can save millions by selling their jet and using fractional ownership or a jet card scheme. Despite the torrid financial situation, he has had plenty of sign-ups.
Around 30% of enquiries came from companies and governments, when it was only expecting around 1 in ten. The remaining 70% came from individuals and families.
Breeze said: “Despite the current economic difficulties, there are obvious benefits to using a private jet such as being able to fly to a much larger number of destinations and to do so more quickly and at very short notice."
The company is launching a fleet of midsize jets called Learjet 60XR, and flies to over 1,000 airports in Europe.
Members can get a private jet card which allows access to flight time by purchasing 25 hours on their card, or buy fractional ownership in a jet.
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