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Private jet trade soars as the UK overtakes the rest of Europe

City A.M. Tuesday, 31 January 2017
Private jet trade soars as the UK overtakes the rest of EuropeThe UK buys more private jets than anywhere else in Europe, according to Global Jets Capital research published today.

British public companies could be splashing out on 30 of the luxury planes.

Another 68 may be purchased by other private enterprises. Some 959 private jets will be delivered to Europe between now and 2025, worth a total of $47bn (£37bn).

*Read more*: Here's the kind of person who flew by private jet last year

British companies and individuals top the list in Europe for private plane ownership with 265 mid-to-heavy business jets.

Germany ranks second, with 202 jets, while French firms own 131.

The large sums of money required to buy jets mean aviation financiers are often called upon to facilitate the transactions.

*Read more*: This woman wants the private jet market to go greener

Global Jet Capital, makes available $1bn to lend to clients purchasing jets and said the bulk of these purchases will be based on leases and loans. The company currently finances over 200 business aircraft for clients.

Global Jet Capital chief executive Dave Labrozzi, said: “There is often a misperception that high net worth individuals and corporations mostly pay in cash for large private aircraft.

*Read more*: Private jet flights from China to Europe soar as sterling falls to Earth

“Even if the cash resources are at hand, often the preferred approach is to lease or finance assets of this nature.”

Last year, a survey carried out by Corporate Jet Investor found private jet usage was set to take off in London, following the roll-out of membership schemes that allow people to make use of jets without actually owning them. Jet sharing companies such as Wheels Up and Rise launched a European service last year.
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