To fund this new enterprise, Jet Republic has been able to secure substantial financial backing from Euram Bank, the leading Austrian private bank, and a consortium of its clients. Jet Republic was able to secure this funding as a result of the quality of its management team, which has considerable experience in the aviation, luxury and concierge industries, and strong growth in the private aviation market.
Between 1998 and 2007 there was an 83% increase in the number of business jet flights, with a 52.5% upward shift between 2003 and 2007. The worldwide business jet fleet is set for substantial growth over the next 10 years and Europe’s share of this is set to grow from 13% to 25%.
The reason for this growth is twofold – the growth of global high net worth individuals, which in Western Europe alone is rising between 7% and 8% year on year, and the fact that the view of business travel has changed from potential corporate excess to a business necessity.
Jonathan Breeze, CEO of Jet Republic, says: “Despite the current economic climate, the private jet market is enjoying strong growth. This, coupled with the fact that we believe there is significant room for improvement in the level of service provided by the private jet aviation sector, means there is a very strong and real opportunity for us to take a significant share of this market. We have the right proposition, an extremely talented management team to deliver on our strategy and the financial support to bring it to life.”
“Jet Republic is an inclusive club where all the hassles of travel are removed and replaced with the highest level of customer service. We feel that it’s not unreasonable for our Members to expect good food and a decent espresso en route – something our competitors are not able to offer. Our bespoke concierge service doesn’t just offer our Members an end-to-end travel itinerary – it goes beyond this. This exceptional service enables our Members to meet their needs – from booking a restaurant table to sourcing a gift – wherever they are in the world. Our 24-hour global concierge service is world class.
“We give back treasured time to the people who really value it, whether it be three hours off a scheduled airline itinerary or enabling them to visit three countries in one day. Flight schedules might be complex, but attention to detail and empathy with our Members result in a seamless travel experience. At Jet Republic we are redefining private aviation and creating the most desirable club in the sky at a price point that is very competitive.”
Bob Horner, Senior Vice President Sales, Bombardier Business Aircraft, said: “The private jet market is going from strength to strength, despite a downturn in the US and world economies. In fact, the Business Aircraft Market Forecast predicts $300 billion (US) in deliveries over the next 10-year period. Bombardier estimates that the worldwide business jet fleet will nearly double in the next 10 years from 12,800 to 24,800 in 2017 and we expect Europe’s share to grow from 13% to 25% of the market. We are truly delighted that Jet Republic has chosen Bombardier to be its aircraft supplier. Our exceptional aircraft, coupled with the outstanding and weighty experience of the Jet Republic team, enables our confidence to be at its highest for such an exceptional business venture.”
Partnering with ClimateCare, Jet Republic will be 100% carbon neutral from the launch.