Silverjet preparing for take off

Chief executive Lawrence Hunt aims to offer comfort

Silverjet is set to launch a new low-fare business-class airline, including a route to New York.

The company is looking to raise £25m from UK institutional investors to finance the airline and develop new routes, exclusively at business rates.

The first service is set to fly from London's Luton airport to Newark airport in the New York area.

Silverjet is planning to list on London's Alternative Investment Market (Aim) in May, the company said.

Price protection

Silverjet intends to run a fleet of 10 aeroplanes, all with flat beds.

Return fares to New York will be £999 on average, compared with the current average rate of between £2,500 and £5,000 for a business-class ticket with a flat bed.

Silverjet's service also will offer reduced check-in times, pre-ordered films and personalised, pre-ordered meals.

"Bigger companies make most if not all their profit from premium customers and lose money in economy," said company chief executive Lawrence Hunt.

The new service, based on the business model used by low-cost, short-haul airlines, is expected to start six to nine months after Silverjet's shares list on Aim.