UK-BASED FRACTIONAL-ownership company Jet Network (JetCo), has closed down after the management fell out with the principal shareholder, over strategy and failed to meet sales forecasts.
The company, in which aircraft broker Air London had the major share, was formed in 1994 in an effort to establish a European shared-ownership scheme modeled on the successful US NetJets programme.
Air London, which became the first aircraft broker to be listed on the UK Stock Exchange, on 23 November, reported that Jetco lost £250 000 ($395,000) in the financial year to September. Start-up problems were largely responsible for the financial losses.
The company originally based its programme on the Raytheon Aircraft Beechjet 400A and the Hawker 800, but earlier this year, it said that it was switching to Cessna Citations. No aircraft were ever ordered.
Source: Flight International
