Lynton Group, the fast growing corporate aviation company, has restructured its US and European operation, following its switch to private ownership last month, after relinquishing its place on the US stock market.
The company, now called Lynton Aviation, has divided its businesses into four core divisions: Fixed Based Operator (FBO) Services, Charter and Management, Engineering Services and Aircraft Sales. This is a prelude to a reflotation on the European stock market to raise funds for expansion.
The Denham, UK-based company has spent more than $50 million in the past 15 months acquiring UK and US companies, including London Luton Airport, FBO and engineering company Magec Aviation and helicopter sales and charter company Air Hanson. Turnover reached $68 million last year and the company plans to increase this by growth and acquisition to $200 million by 2003.
The company also owns a large FBO at Morristown Airport, New Jersey and is eyeing corporate service providers in Europe, one of which it hopes to acquire by the end of the year.
"We plan to have a truly global business. The days of investing in business aviation for fun are gone," says Christopher Tennant, Lynton president and chief executive.
The company is also monitoring the Far East, which it believes will become a potentially lucrative market. "This region could be profitable overnight as there is no competition," says Tennant.
Source: Flight International