Silverjet raises money from investors

Saturday, 09 May, 2006 0

Business class-only airline Silverjet has successfully raised £25.3m from institutional and other investors and plans to start flying within six to nine months.

The airline will fly a twice-daily service from London Luton to New York Newark with average fares at £999.

It will compete against two other business- class-only carriers, Eos and Maxjet, which launched New York services from Stansted last autumn.

Despite this, Silverjet managed to raise slightly more than its £25 million target and did so a week quicker than it expected.

With a market capitalisation of £33.6 million, it will begin trading on the Alternative Investment Market (AIM) on Friday.

Product details have not yet been released but Silverjet’s aircraft will have seat-beds.

By Bev Fearis

Bev

Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.