Leading private aviation and executive transport company, Avolus has announced that it has parted from business jet operator, Eurojet Romania, including its VIP terminal project at Banaesa Airport in Bucharest. This allows UK based Avolus Ltd to focus on growing its profitable Charter, Aircraft Management and Aircraft Sales & Acquisitions divisions.
Avolus Ltd is now 20% owned by Avolus Chief Executive and Founder, Alexis Grabar. The majority of the shares (77%) remain with the European Family Office, DP Holding, who originally invested in September 2009, buying the 11% stake of Dragon’s Den entrepreneur James Caan.
Under its new structure, the Avolus management team is now comprised of Alexis Grabar (CEO & Founder) and Simon Teakle (CFO). The reorganized Management team have appointed Richard Thomas as Special Advisor to the CEO. Mr. Thomas is an expert in marketing to affluent audiences across Europe, Russia and the US. Having worked with NetJets Europe, Jet Republic and Bombardier Flexjet, Mr. Thomas’s expertise in the luxury and aviation industry will drive Avolus’ ambitious growth strategy.
“Our core business of Charter, Aircraft Management and Aircraft Sales & Acquisitions grew by 47% in 2010, outperforming the market by a factor of 10,” said CEO Alexis Grabar. “Our new structure allows us to focus on growing these profitable divisions whilst expanding our VIP Freight offering and establishing local offices in high growth regions including Monaco, Russia and China.”
If the company continues to achieve its strategic targets, by 2012 it will surpass 10 million pounds annual turnover with 5% net margin.
Avolus is set to further strengthen its presence in Russia & CIS and expand in China where the markets have grown substantially. These markets have a relatively small installed base of aircraft when considering the size of the ultra high net worth populations and their total wealth. According to Forbes, the number of billionaires in Russia & CIS increased by 89% and in China increased by 106% in 2010.
“These regions have traditionally had significant barriers to entry for both charter and aircraft sales,” said Grabar.
According to industry reports, Russia & CIS is forecasted to triple their fleet by 2019, with 650 deliveries from 2010 – 2019. Similar high demand is also identified in China where deliveries are expected to grow six fold, from 110 to 700 by 2019.
Alexis Grabar said: “Avolus has already gained a significant market share in Russia & CIS with 48% of our business coming from this region. China will be a new venture for us and we are delighted to see the success of this expansion over the next two years.”