There has been so many lies and deceit from the Wijet management team. They claim in their release that Blink Ltd never reached profitability. Companies House shows in 2014 a £64k profit.
The whole Blink approach revolved around managing expectations. This was a VLJ. No cabin attendant, no VIP catering, and the only way to operate profitably at a price point that was competitive was to fly multiple clients on multiple trips on the same day.
Wijet preferred the “Yes” approach. A few (real) examples:
1. Customer: I want fancy hot catering.
Wijet: Of course, complimentary. Oh wait, we don’t have a microwave or hot box.
2: C: I want only French crew.
W: OK, we will fly a new aircraft and crew in for you, no extra charge
3: C: I had a slot delay on my flight, I’m not happy (probably due to French ATC strike)
W: Here, have a full refund and a discount off your next flight.
From the moment Wijet took control, French customers were prioritised over all other clients at considerable expense. The sales team had no idea what they were doing and were paid a bonus for every flight regardless on whether it made money.
Revenue was taken by the French Business, and never transferred to the UK company, where all the costs were. At the same time, Ops were forced to switch to Openjet (another company owned by SGH capital) and were the UK company was charged for using it, despite it not working. Ops ended up duplicating in both systems.
The founder of Wijet took massive commissions on every round of fundraising he brought. He forcibly took control by issuing a “loan” to the business in 2017 with a clause it must be repaid on demand or he got 50% of the shares. Not surprisingly he recalled the loan a week after it was issued and some suppliers had been paid.