Bizjet shelved as investors back out
Former Dreamticket founder Lawrence Hunt has been forced to shelve plans to launch a new airline, Bizjet, after funding dried up. Hunt and partner Alan Stewart, formerly of Thomas Cook, planned to offer business class flights from Luton to the US for under £1,000. But the project received a massive blow in December when two major investors pulled out. After being unable to find anyone else to pledge cash, Hunt and Stewart reluctantly decided to suspend the project. “We think it would be unwise to launch with the $20 million or so we have pledged, with the hope of raising more money in 12 months’ time,” said Hunt. Bizjet approached over 200 potential investors in the past four months. Some 30 decided to back the project, but Hunt said the market was too cautious for a start up airline. “The willingness of professional, institutional and private equity investors to back start up businesses with serious capital has all but evaporated,” he said. “It’s tragic and it’s the usual herd mentality. But everyone was so badly burnt with investments at the turn of the century that no-one is taking any risks any more. “All we are seeing in the market is a few big deals, where investors are borrowing the money, so they don’t have to take a risk anyway. It’s the same in the US.” Hunt said he had a few other projects he was considering and added Bizjet could be revived if new investors emerged. ”Since we made the decision to suspend the operation I’ve had several phone calls. If we are able to find alternative funding structures or sources of investment, we could revive the project. “In the meantime, I’ll take some time off to consider the next move. It’s cost me quite a bit of money, but I’m not bankrupt yet!”
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