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.
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.