Established in 1998, Titan Airways has consistently been a solid and reliable performer in the air transport sector. The business has an enviable record of profitability, growing by an average £300,000 year on year.
Titan Airways, the London Stansted-based VIP charter specialist is celebrating its 25th anniversary this spring by becoming a wholly independent company having recently completed a Management Buyout (MBO) from 3i. 3i has been a minority shareholder and private equity backer for the past 20 years. The business has been acquired outright by Titan’s Managing Director and founder, Gene Willson, who remains steadfastly committed to further expanding the airline as an industry leader in the VIP, corporate travel, sub-charter and aircraft leasing sectors.
Originally holding a 37% stake in Titan’s parent company, Hagondale, 3i’s ownership was reduced to 22% in March 2012. Gene Willson, who held an existing 63% share in Hagondale, purchased the remaining balance of shares at the end of last year.
“We are extremely pleased to achieve this milestone in such a significant year – our 25th birthday,” said Gene Willson. “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.”
Established in 1998, Titan Airways has consistently been a solid and reliable performer in the air transport sector. The business has an enviable record of profitability, growing by an average £300,000 year on year. In the last 12 years, despite the huge challenges seen in the aviation sector, Titan Airways profits have grown from £1.8m in 2004 to £7.6 million in 2012. Such is the company’s success, that it has been included in the Times Profit Track 100 on 4 occasions.
When the company was founded 25 years ago it was a two man operation with a single light aircraft, a Cessna 404 Titan. Today the company has grown into one of the UK’s most successful charter airlines with 250 staff and a versatile fleet of 12 aircraft, ranging from a 6 seat Citation CJ2+ to a 265 seat Boeing 767-300.
Mr Willson, who still regularly captains several of the aircraft types in the Titan Airways fleet, believes the airline’s success can be attributed to its ability to deliver bespoke services with exacting attention to detail to a diverse customer base.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
