Management buyout of Titan Airways completed

Management buyout of Titan Airways completed

A management buyout of charter airline Titan Airways has been completed as it marks its 25th anniversary this year.

The Stansted-based carrier has been acquired outright by managing director and founder Gene Willson from minority shareholder 3i.

Originally holding a 37% stake in Titan’s parent company, Hagondale, 3i’s ownership was reduced to 22% last March.

Willson, who held an existing 63% share in Hagondale, purchased the remaining balance of shares at the end of last year, the company disclosed yesterday.

He said: “We are extremely pleased to achieve this milestone in such a significant year – our 25th birthday.

“3i have been a very supportive partner but completing the purchase of their shares provides us with full control of our long-term development plans for the airline.

“The additional shareholding also gives us the flexibility for further business opportunities.”

Titan Airways profits have grown from £1.8 million in 2004 to £7.6 million last year

The airline has 250 staff and a fleet of 12 aircraft, ranging from a six-seat Citation CJ2+ to a 265-seat Boeing 767-300.

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