Airport deal worth £1.1m

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Privately owned aircraft operator Hangar8 has bought established aircraft management company, International JetClub.

The deal, worth £1.1m in cash along with the issue of 500,000 shares in Hangar8, will see the firm’s fleet of aircraft under management rise from 40 to 50.

Dustin Dryden, chief executive of Hangar8 based at Oxford Airport, said: “This development is hugely significant for our owners, passengers and shareholders as it further moves the company towards its goal of providing maximum global reach and scale, more long range, heavy aircraft and enhances the expertise and capabilities of our business.”

Hangar8 has also reported a pre-tax profit of £4.9m for the year to June 30, compared to £3.79m for the same period last year.

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