Jet Republic

Jet Republic was a privately held company jet company that offered private jet cards and share ownership (sometimes known as fractional ownership). It is no longer operational.

Launch

Jet Republic launched in September 2008, with a press event held at Farnborough Airport, where the company announced a $1.5 billion (£815 million) private jet order.

The order for 110 Learjet 60XR mid-size jets from Bombardier was reported by ''The Guardian''The Guardian – New airline takes off with largest order for Learjets
/ref> to be largest ever for the aircraft manufacturer, with a service aimed at entrepreneurs and high-net-worth individuals. Talking to ''The Guardian'', Jet Republic’s founder and CEO Jonathan Breeze said, "The kind of customers we cater for will be continuing to run their businesses around Europe and could find themselves wanting to use private jets as the main airlines cut routes and services.”

However, on August 20, 2009, Bombardier announced that the contract had been terminated for the entire quantity of aircraft.Bombardier Aerospace - Bombardier Terminates Purchase Agreement with Jet Republic
/ref> No reason for the termination was made public at that time.

Services

Jet Republic's private jet club offered members two programs: share ownership and the private jet card.

* Share ownership was for jet owners to purchase or lease a fractional share of a Learjet 60 XR by only paying for an aircraft share equal to the hours they needed, starting at 50 hours a year. This program allowed owners the benefits of private jet travel without the management responsibilities or the large initial capital investment. In addition it offered a buy-back option at the end of the contract.
* Jet Republic’s Private Jet Card allowed card members access to flight time by purchasing 25 hours or more without any further commitment. This program offered the benefits of private aviation with the simple pricing structure of a one-off payment. In addition all Jet Republic members were able to fly anywhere in the world through its partnerships with other operators. Hours on the Private Jet Card never expired and unused hours were refunded at any time.

The Financial Times reported
/ref> that Jet Republic intended to differentiate its offering by “flying the aircraft with a flight attendant as standard, a service usually provided only on larger executive jets, and with hot meals and fresh espresso coffee. Passengers will also have in flight BlackBerry connectivity.”

Management and ownership

Jet Republic was founded by former RAF pilot Jonathan Breeze, who also held the position of chief executive officer.

Other members of Jet Republic’s management team included:

* Viktor Popovic, President
* Luis Vianna, Chief Operating Officer
* Andrew Hiscock, Chief Financial Officer
* José Luiz Monteiro, Director of Cabin Design
* Peter Schickling, Director of Customer Service
* Jonny Shingles, Director of Sales
* Richard Thomas, Director of Marketing
* Raúl Sosa, Director of Aviation
* Lionel Sineux, Director of Maintenance

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's operational headquarters were in Lisbon, Portugal.

Non-future of the company

Irish bookmaker Paddy Power offered bets on whether Jet Republic would still be in business on 1 January 2010.

In an interview with the ''Financial Times'',The Financial Times - Raising a billion: Jonathan Breeze
/ref> in April 2009, Breeze said that the company's first aircraft would be delivered in 2009 and the company was on target for $150 million turnover, raising to $350 million in 2010.

Jet Republic said on 20 July 2009 it would cut the price of its aircraft hire Jet Card by 14% to €99,000 (£85,192).

References

{{reflist

External links

The Times

BBC News Online

Luxury Travel Magazine

Sky News

Wealth Bulletin





Fractional aircraft ownership companies
Portuguese companies established in 2008
Companies disestablished in 2009
Airlines established in 2008
Airlines disestablished in 2009