Cargo aircraft wet-lessor AirRep Group is looking to expand its freighter fleet and market share as it undergoes a management buy-out by managing director Andy Lewis. The UK-based group is considering acquiring more Tupolev Tu-204 freighters and re-engining its Ilyushin Il-76s to allow it to continue using the aircraft in Europe within current noise legislation. The acquisition of new-build Il-76s is also being examined.
Lewis is to buy out the shareholding of founder and chairman Colin Martin as he retires. Lewis will take on 100% of shares in AirRep UK, the largest branch of the group. In Spain, he will buy Martin's 40% shareholding in AirRep Espana. A deadline of three years has been set for the buy-out process, but Lewis expects it will take 16 to 18 months.
HELEN MASSY-BERESFORD / LONDON
Source: Flight International
