UK charter and management company Hangar 8 plans to double its fleet over the next 12 months having embarked on a spending spree to snap up struggling business aviation companies worldwide.
The expansion plan is part of a wider strategy by Oxford-based Hangar 8 to broaden its geographic and product offering which is backed by a £2 million ($3.12 million) investment. This finance was raised by the company in November when 21% of Hangar 8 was floated on UK AIM stock market.
"We are aggressively growing our business now," says Hangar 8 founder and chief executive Dustin Dryden. "This cash injection will enable us to raise our profile and mop up low-cost operations around Europe, North Africa and elsewhere," he adds.
A large portion of Hangar 8's business is focused on North and East Africa and in Kiev where the demand for business aviation is strong and growing, Dryden says.
"We are now looking to set up a base in India, which is a thriving market in its own right and is also within reach of other growing markets such as Thailand and Dubai," he adds.
Hangar 8 manages 20 mainly light-cabin and midsize aircraft - the bulk of which are available for charter - and took delivery last month of the first European-owned Embraer Lineage 1000.
Dryden says this VIP airliner, which it manages on behalf of a private owner, will spearhead its expansion into the high-end business aircraft market.
"The Lineage will attract a new type of clientele such as heads of state and very high-net-worth individuals and will be popular in markets such as Russia and the Middle East, where large cabins are vital to many business aircraft users," he says.
"We are really keen to expand our large-cabin offering and are looking at aircraft like the Gulfstream G550 and Dassault Falcon 7X. It costs almost as much to manage these aircraft but they are far more profitable," Dryden adds.
Source: Flight International
