silverjet lands on AIM

12/05/2006 James Crux

Silverjet, a low-fare long-haul airline specialising in business-class passengers only, landed on AIM on Friday, following an impressive £25.3 million fundraising at 112p. The issue, handled by broker and adviser Arden Partners, gave the start-up company a debut market capitalisation of £33.6 million.

Chief executive Lawrence Hunt, a technology and travel entrepreneur and a member of the Foyle’s bookshop dynasty, said he was delighted with the overwhelming response for the float from investors, with ‘so many highly rated institutions’ backing the float.

Monies raised from the listing will provide the necessary working capital to launch the airline ‘within six to nine months’, with a first service operating between London Luton and New York and other destinations planned over time.

The airline will compete against two other business-class-only carriers, Eos and Maxjet, which have been flying for six months.

Hunt wants to play a role in revolutionising the long-haul business-class market. ‘From day one, we will be offering silverjet passengers the opportunity to fly the Atlantic at a highly affordable price and yet experience a luxury business-class product with inclined flat beds throughout,' he explained.

Investors are certainly buying into a savvy board, with chairman Peter Owen the former director of operations for BA and operations director Peter Evans, who occupied the same role for a decade at Virgin Atlantic. Finance director John Bavister also spent a lengthy spell with travel operator Thomas Cook.

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