An all-British, all-business class airline: What happened to the Silver Jet?

Silverjet is a UK-based all-business class airline that operated from 2007 until it went into bankruptcy in mid-2008. Although it operated just two routes, it faced stiff competition from legacy carriers and ultimately failed to capture the public's imagination. Let's take a closer look at this short-lived VIP venture.

brief history

History has seen several airlines attempt to break through to an all-business class operating model on long-haul routes with little success. One of his such airlines was Silver Jet. The UK-based airline lasted just over a year before suffering heavy financial losses in May 2008, proving that this business model is nearly impossible to pull off. Here's another example.

SilverJet was founded in 2006 by a group of UK-based aviation entrepreneurs. The company initially offered his 30 million ordinary shares through the London Stock Exchange's alternative investment market, raising him £33.6 million (US$43.7 million) in start-up capital. At the time of issuance, his 18.7% of Silver Jet's issued share capital was owned by Silver Jet's directors and the remainder was held by investors.

Having successfully raised sufficient start-up capital, the airline acquired two ex-Britannia/ThomsonFly Boeing 767-200 aircraft and began operations. The company's business plan was to operate these aircraft twice a day from London Luton Airport (LTN), located 30 miles north of the capital, to Newark Liberty International Airport (EWR).

SilverJet aimed to become the “world leader in business class-only long-haul air travel,” according to a statement released at the start of the initial public offering. The company also announced its intention to have 10 aircraft in service within three years of entering service.

As SilverJet is a business-only airline, it has a different target market than traditional airlines operating between London and New York, targeting:

• Small business owners.
• luxury leisure traveler.
• Large companies wanted to offer their executives an alternative option to business class.

Silverjet then acquired Flyjet, a small UK-based charter airline, in 2006 to facilitate the acquisition of an Air Operator Certificate (AOC). This acquisition allowed SilverJet to accelerate the planned launch of services by adopting his AOC, operating license and route license for the small airline.

In addition to the necessary regulatory approvals, SilverJet acquired two FlyJet Boeing 757-200s and an additional 767-200 (the latter originally from Rancilli). Although it was trading as “Silverjet”, the company name was FlyJet Limited, so it could still use that airline's certificate.

The airline's first flight took off from London Luton on January 25, 2007, heading to Newark. Aircraft operating this service had an overall pale gray color scheme with silver title and tail motifs. The starting fare for the SilverJet flight was just 999 pounds ($1,270), significantly cheaper than standard business class fares on traditional airlines flying between London and New York at the time.

A second daily service between the two cities began in September 2007, followed by a service between Luton and Dubai in November 2007, making it the first business class-only airline to operate on this route. It became a company.

Dedicated terminal and luxury

All flights were operated from a dedicated terminal at Silverjet's London Luton base. This facility was one of only two dedicated terminals at the airport at the time. SilverJet has heavily promoted its dedicated private terminals to lure potential passengers away from busy London airports at Heathrow and Gatwick.

The company also offered complimentary chauffeur-driven limousine transportation to passengers who booked flexible fare tickets. Late check-in is now possible using a dedicated terminal, allowing passengers to check-in as early as 30 minutes before departure if they are carrying only hand luggage.

SilverJet also had its own check-in area within the arrival concourse at Newark Airport, separate from other airlines' check-in desks. The airline used Dubai International Airport's Executive Terminal for arrival and departure.

In-flight service

SilverJet's all business class Boeing 767 aircraft were equipped with 100 6'3″ flatbeds (manufactured by Sicma Aeroseat) arranged in a 2-2-2 cabin configuration. One unique innovation was the women's toilet (one of five on board). Meals can be pre-ordered and halal meals are served on flights between London and Dubai.

Silverjet promoted its cabins on night flights as “quiet zones” to further attract business travelers. This eliminated in-seat trolley service, minimized flight attendant announcements, and removed overhead reading lights and doorbells, creating a calmer overnight experience for passengers. Each seat was equipped with an entertainment center packed with TV shows, music and movies, as well as seat back massagers and laptop charging point facilities.

The first carbon-neutral airline?

SilverJet claimed to be the world's first carbon-neutral airline when it began operations in 2007. Since ticket sales began, all fares have included a mandatory contribution of carbon offsets, which are reinvested into green schemes around the world.

This element of compulsory contributions was abolished in October 2007 after the UK government doubled Air Passenger Duty (a tax added to airfares for flights departing from the UK). Airline passengers were then asked if they would like to accept the recommended carbon offset element at the time of booking.

Fleet details

SilverJet operated three Boeing 767-200 aircraft on scheduled flights. The airline paid Thomson Fly US$28.2 million for the first two aircraft it acquired. These aircraft were subsequently sold and leased back to Novus Aviation Capital, which provided the necessary funds to refurbish and equip the Silver Jet with a full 100-seat business class interior.

The airline also operated a former Flyjet 767-200 that was repainted and refurbished for the twinning. Two former Flyjet Boeing 757 aircraft continued to be used on all-inclusive tour charter flights under the Flyjet brand, but were later scrapped.

The airline had planned to acquire two 767-200ER aircraft from Thomson Fly in 2008, but those plans were put on hold due to the airline's financial problems. The company had planned to use these two additional aircraft to fly to new destinations such as Johannesburg, Delhi, Mauritius, Shanghai and Los Angeles, but unfortunately this never materialized.

According to Planespotters.net, Silverjet's fleet at the time of the airline's closure was:

• G-SILC – Boeing 767-200 named “Silver Lining”
• G-SLVR – Boeing 767-200 named “Silver Cloud”
• G-SJET – Boeing 767-200

At the time the airline closed, the average age of its 767-200 aircraft was 19.5 years.

The end of the silver jet

Silverjet's start-up and initial costs were high. The airline quickly found itself in financial trouble, in addition to operating a small dedicated fleet and its own passenger terminal, while struggling to compete with the higher frequencies offered by traditional airlines on its routes. I fell into this.

In May 2008, as losses mounted, SilverJet announced that it had secured an $8.4 million financing facility from Viceroy Holdings, an investment firm based in the Middle East. However, the airline was unable to come up with the US$5 million it urgently needed to continue operating.

As a result, trading in Silverjet shares was subsequently suspended. On May 29, 2008, SilverJet announced that it would cease operations. The next day, SilverJet's CEO announced in a statement that SilverJet was unable to secure emergency bridging financing and was suspending operations and suspending all flights immediately. The airline's last operational flight, his SLR254, took place from Dubai to London on the afternoon of 30 May 2008, when he returned to Luton Airport.

On June 10, 2008, SilverJet announced that Ireland-based King Place had agreed to acquire SilverJet. However, the deal fell through and on June 13, 2008, Silverjet went into liquidation, making all 420 employees redundant.

Silverjet awards

Silverjet and its services went under the radar during its short existence. It has won several major aviation industry awards including:

• Greenest Airline 2007 (British Transport Management Association)
• 2007 Best Airline Website (Travolution)
• 2007 Aviation Design Innovation Award (Condé Nast Traveler)
• Best Business Class Only Airlines of 2007 (Condé Nast Traveler)
• Best Airline 2007 (Sunday Times Travel Magazine)
• Best Executive Transport 2007 (Esquire Magazine)

Is it possible to have regular long-haul flights with all business class flights?

Several scheduled airlines have attempted an all-business class long-haul model throughout history, but only a few have made it financially viable. Airlines such as EOS, Maxjet, and Silverjet have all been obsolete over the years.

related

What happened to US corporate airline MAXjet Airways?

The Washington, D.C.-based airline operated for just two years before going bankrupt.

British Airways' only attempt at the market (other than Concorde), flying an Airbus A318 between London City and New York, ultimately became financially unviable and was shut down.

Photo: Vincenzo Pace | Simple Flight

French airline La Compagnie is a rare example of success where many other airlines have failed. While other airlines offer all-business class charter flights, La Compagnie has been operating scheduled flights since 2014, has just two Airbus A321LR aircraft, and continues to grow in this niche market. ing.

Another all-business airline has also recently emerged. Maldives-based airline Beond began operating flights from Munich to the Maldives in November this year, operated by the all-business airline Airbus A319. The company has since added Milan, Riyadh and Zurich to its network, with plans to significantly expand its fleet and route offering over the next five years.

Do you remember the Silver Jet? Or have you ever flown on its full business class service? If so, let us know more in the comments.