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Business-only transatlantic airline secures funding
A start-up single premium class transatlantic airline has secured $185 million to help fund a launch this autumn.
The carrier – Eos – aims to operate New York-London flights with a fleet of three leased Boeing 757s offering 48 business class seats rather than the usual 200-plus seat configuration.
Ex-British Airways senior executive David Spurling heads the senior management team of Eos in the role of chief executive. He is joined by former executives from Continental Airlines, World Airways, US Airways, AirTran Airways, Delta and American Airlines.
The airline is filing for regulatory approval with America’s Federal Aviation Adiminstration and US Department of Transportation to start services in the third quarter of the year between New York JFK and Stansted.
Eos has raised $85 million in equity and about $100 million in lease financing. Investors include Maveron, a venture capital firm co-founded by Starbucks’ Howard Schultz.
The airline’s president Bonnie Reitz, ex-senior vice president of marketing sales and distribution at Continental, claimed Eos would offer “a return to the ‘Concorde-like’ experience of exclusivity and community that is missing from today’s airline marketplace”.
Spurlock said in New York: “As the frist airline focused exclusively on the premium international traveller, Eos is introducing a new standard in commercial aviation.
“Our highly customised approach to the market alleviates many of the difficulties faced by traditional airlines and will allow us to take advatnage of operational efficiencies and a streamlined cost structure.
“In addition, the single-mindedness allows us to invest in both our people and our aircraft to ensure that we deliver world class service. In short, our model allows us to offer premium airkine service at significant value.”
No details of fare levels were available.
Jesse Rogers, managing director of lead equity investor Golden Gate Capital, said: “Incumbent competitors are coping with severe challenges to their ongoing viability, and service levels have suffered. Our team is targeting the premium traveller frustrated by existing offerings and will provide an experience modelled after leading customer-centric retailers and premium hotels.”
Report by Phil Davies
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