Airline seeks £500,000 funding

Airline seeks £500,000 funding

A company named IslandAir Jersey has sent out a document to hundreds of Islanders today offering the chance to invest in the new airline for a £500 stake.

The company is trying to raise about £500,000 by the end of this month.The company directors include Colbacks Travel managing director Trevor Beckford, local accountant Ian Toole and its chairman is St John resident Desmond Le Bon, an experienced aviation engineer and aircraft inspector.The plan is to use Jersey Airport as a hub destination for flights from Scotland, Ireland and Scandinavia to connect with flights to Spain, Portugal and France.

If it gets off the ground, the airline will run a business route to the UK, possibly to Stansted to link Jersey with other low-cost carriers such as Ryanair and Easyjet.IslandAir managing director Jon Cousens, an experienced UK-based air transport consultant, said that hundreds of Islanders had expressed an interest in buying the £500 debentures when the idea was first floated about 17 months ago.The company offer document has been sent out to those same people and the company is also seeking any potential new investors interested in supporting ‘a genuine local airline, registered and controlled in the Island’.Mr Cousens said the finance plan is staged and in the initial stage only £50 of the £500 investment will be risked.

That money will be used to secure appropriate licences from bodies such as the Civil Aviation Authority.

It will also fund up-to-date market and cost information, as well as funding part-time directors’ salaries, office costs and expenses but is not expected to exceed £50,000.But if IslandAir does not get off the ground, then 90 per cent of the £500 debenture will be returned to investors.

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