Yep,
Brown Air with their Gulfstream 1, chartered it on a number of occasions, then they became Capital Airlines with a small fleet of Sheds, they took Air UK on, head to head, on the Leeds Belfast route whilst taking out full page ads in the Yorkshire Post slating off Air UK claiming that their Sheds were quicker and superior to Air UK's Fokkers ..... Air UK simply reduced their fares on the route to a level that Capital couldn't compete with and the rest is history.
Here's another one:
