Max Kingsley-Jones/LONDON
Corporate Jets, the small UK-based Learjet operator, is bidding to become a major force in the European business jet fractional ownership market using a fleet of Bombardier aircraft. The company is believed to be a contender to become Bombardiers fractional ownership partner in Europe.
The company was originally set up by two brothers, Erik and Neil Cochrane, as Sterling Aviation in 1996 to develop a fractional ownership programme, initially using a single Learjet 31. Last year, the company received a cash injection when it sold a 50% stake to one of its customers, Scottish entrepreneur Tom Hunter, and is aiming to expand across Europe.
Corporate Jets added a second Learjet in December, a 60, and has another 60 and Learjet 45 on order for delivery later this year. "We aim to build into a European force for fractional ownership," says Hunter, who says that 10 customers are signed, with a similar number waiting to join when more hardware is delivered.
Neil Cochrane says the Glasgow Prestwick-based company is planning to expand at a rate of around two-to-three aircraft a year. The expansion programme will be based exclusively around Bombardier products, he says, with orders for more Learjet 45s planned, with the company's new Continental medium sized model. The larger Challenger and Global Express models are also being evaluated, but the focus will be smaller aircraft which offer better utilisation prospects.
Cochrane says each customer will pay an hourly charge and a single, annual, management fee - "there are no up-front capital costs," says Cochrane. The guaranteed response time is 8h.
Fractional ownership is a fledgling operation in Europe, dominated by US market leader, Executive Jet's Netjets Europe. Bombardier's Flexjet programme is poised to announce its European start in April. Corporate Jets is understood to be on the shortlist.
Source: Flight International
