Former BA executive launches new airline
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Former BA executive launches new airline
Apologies if this has been carried here before (I haven't seen it, but if it has I'll happily delete this thread)
"A former British Airways executive will start a new airline this year to fly between New York and London.
The new airline, called Eos and founded by David Spurlock, will begin its business-class-only trans-Atlantic service in the third quarter.
The airline will lease three 757 aircraft and configure them with 48 seats, rather than the typical 200 seats, giving each customer 21 square feet of space.
They will fly between New York’s Kennedy airport and London’s Stansted.
Other airlines, including Lufthansa, have experimented with offering business-class-only flights.
Eos has secured about €150m in equity and lease financing from Golden Gate Capital, a private equity company, and venture capital firms Sutter Hill Ventures and Maveron.
Chief Executive Spurlock was head of strategy for British Airways. "
"A former British Airways executive will start a new airline this year to fly between New York and London.
The new airline, called Eos and founded by David Spurlock, will begin its business-class-only trans-Atlantic service in the third quarter.
The airline will lease three 757 aircraft and configure them with 48 seats, rather than the typical 200 seats, giving each customer 21 square feet of space.
They will fly between New York’s Kennedy airport and London’s Stansted.
Other airlines, including Lufthansa, have experimented with offering business-class-only flights.
Eos has secured about €150m in equity and lease financing from Golden Gate Capital, a private equity company, and venture capital firms Sutter Hill Ventures and Maveron.
Chief Executive Spurlock was head of strategy for British Airways. "
Last edited by Hawk; 11th Jun 2005 at 18:52.
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Same airline or copy cat airline!!!!
http://www.pprune.org/forums/showthr...OR+LTN+OR+EGGW
Luton-New York with Fly First Airlines
HAMISH Taylor, the former Eurostar and British Airways executive, is
raising £20m for the UK's first business class-only Transatlantic
airline.
Taylor's new venture, Fly First, plans to run a fleet of 48-seat
aircraft between London Luton and Newark, near New York.
Taylor, who was managing director and then chief executive of
Eurostar between 1997 and 1999, has assembled a team of high-fliers
for his new venture, based in Edinburgh.
The other directors include Peter Villa, the former managing
director of Air UK; Bill Troup, the former managing director of
Royal Bank Ventures; and John Campbell, the former sales and
marketing director of Scottish Mutual.
They have spent the past year working on the idea, which would be a
first for the UK. Lufthansa has run business-only flights between
Germany and the US for two years, and Swiss International Airlines
will launch a similar service from Zurich today.
http://www.pprune.org/forums/showthr...OR+LTN+OR+EGGW
Luton-New York with Fly First Airlines
HAMISH Taylor, the former Eurostar and British Airways executive, is
raising £20m for the UK's first business class-only Transatlantic
airline.
Taylor's new venture, Fly First, plans to run a fleet of 48-seat
aircraft between London Luton and Newark, near New York.
Taylor, who was managing director and then chief executive of
Eurostar between 1997 and 1999, has assembled a team of high-fliers
for his new venture, based in Edinburgh.
The other directors include Peter Villa, the former managing
director of Air UK; Bill Troup, the former managing director of
Royal Bank Ventures; and John Campbell, the former sales and
marketing director of Scottish Mutual.
They have spent the past year working on the idea, which would be a
first for the UK. Lufthansa has run business-only flights between
Germany and the US for two years, and Swiss International Airlines
will launch a similar service from Zurich today.
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Wasn't there an airpline that was going to go STN to JFK business calss only a few years ago.
This seems to raise it's head all the time but never gets anywhere.
This seems to raise it's head all the time but never gets anywhere.
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A splendid idea but as said one that comes up regularly and then dissapears. Surely the fare would be prohibitive as it would have to equate to 'first' and then close to 'jet exec' hire. Anyway if it gets off the ground good luck to them. Ex BA people always seem to do well probably with someone elses monies.
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BBC reporting:
Aside - One feels inclinded to say that this seems like an incredible amount of Venture Capital money for what is a very simple scheduled route utilising just three aircraft ?!
Click the following link for EOS's new website
Exclusive airline secures cash
A transatlantic airline targeting business class passengers has secured the funding it needs and is planning to start flights in September.
Eos will look to lure lucrative customers from rivals such as British Airways (BA) and Virgin Atlantic.
The company has been founded by a former BA executive, David Spurlock.
Private equity firms have put up the majority of the $185m (£101m; 151m euros) that Eos was seeking to service the route between New York and London.
Rarefied air
Eos is trying to cut itself a slice of one of the most competitive and lucrative routes at a time when airlines are struggling under record fuel prices and waning demand among consumers.
Business class passengers are some of the most profitable, however, and Eos is looking to attract travellers who want space rather than the cheapest prices.
The firm said it plans to lease three Boeing 757 aircraft, putting in 48 seats instead of the usual 200.
Planes will fly between New York's Kennedy and London's Stansted airports.
It is not the first time that an airline has decided to build its business solely on executive passengers.
UK firm Fly First had the idea of offering customised Boeing jetliners fitted with beds that fly out of Luton airport.
Blue Fox, which was chaired by former Tory minister Lord Tebbit, tried a business-class only service but was grounded after the 11 September terrorist attacks.
Despite securing the funding, Eos still needs to get US regulatory approval before it can take off.
A transatlantic airline targeting business class passengers has secured the funding it needs and is planning to start flights in September.
Eos will look to lure lucrative customers from rivals such as British Airways (BA) and Virgin Atlantic.
The company has been founded by a former BA executive, David Spurlock.
Private equity firms have put up the majority of the $185m (£101m; 151m euros) that Eos was seeking to service the route between New York and London.
Rarefied air
Eos is trying to cut itself a slice of one of the most competitive and lucrative routes at a time when airlines are struggling under record fuel prices and waning demand among consumers.
Business class passengers are some of the most profitable, however, and Eos is looking to attract travellers who want space rather than the cheapest prices.
The firm said it plans to lease three Boeing 757 aircraft, putting in 48 seats instead of the usual 200.
Planes will fly between New York's Kennedy and London's Stansted airports.
It is not the first time that an airline has decided to build its business solely on executive passengers.
UK firm Fly First had the idea of offering customised Boeing jetliners fitted with beds that fly out of Luton airport.
Blue Fox, which was chaired by former Tory minister Lord Tebbit, tried a business-class only service but was grounded after the 11 September terrorist attacks.
Despite securing the funding, Eos still needs to get US regulatory approval before it can take off.
Click the following link for EOS's new website
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So lets get this straight. We have two mates, both former executives of BA both deciding to form an airline using the same aircraft type and seat configuration and both after the same type of elite passenger.
Now here is the difference, one airline is going to be located in deepest rural Essex and outside the golden triangle where the catchment area is full of cereal farmers who only ever go to market. The other is going to be based inside the golden triangle at Luton, which is the home of the executive jet and has the UK’s second largest catchement area and whose airline will be using Harrods private terminal. Which one do you think has the advantage?
Now here is the difference, one airline is going to be located in deepest rural Essex and outside the golden triangle where the catchment area is full of cereal farmers who only ever go to market. The other is going to be based inside the golden triangle at Luton, which is the home of the executive jet and has the UK’s second largest catchement area and whose airline will be using Harrods private terminal. Which one do you think has the advantage?
Last edited by LTNman; 9th Jun 2005 at 06:59.
But the critical factors will be check-in time and the time taken to get through US immigration security.
If EOS can streamline check-in and security procedures for its exclusive clients, then it would really be on to something. However, if it still means queing up with the rest of the herd at Stansted before an expensive flight, then queuing again at New York, it won't offer much of an advantage, in my opinion.
Still, the very best of luck to them!
If EOS can streamline check-in and security procedures for its exclusive clients, then it would really be on to something. However, if it still means queing up with the rest of the herd at Stansted before an expensive flight, then queuing again at New York, it won't offer much of an advantage, in my opinion.
Still, the very best of luck to them!
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LTNman asks:
To be honest, I think the answer is the one that
[Eos]
rather than the one that
[Flyfirst]. Deeper pockets mean more room to compete and more time to build a market presence.
So maybe Eos decides they have to shell out another ?0„550 per passenger and include a chauffeur-driven car from STN to central London as part of the service? That's going to be a decent selling point which (if I were a prospective passenger) would attract me.
All in all, I don't see that LTN's location advantage is decisive.
Now here is the difference, one airline is going to be located in deepest rural Essex and outside the golden triangle where the catchment area is full of cereal farmers who only ever go to market. The other is going to be based inside the golden triangle at Luton, which is the home of the executive jet and has the UK's second largest catchement area and whose airline will be using Harrods private terminal. Which one do you think has the advantage?
has secured about ¢ã150m in equity and lease financing
rather than the one that
needs to raise up to ?0„525 million by June 10
So maybe Eos decides they have to shell out another ?0„550 per passenger and include a chauffeur-driven car from STN to central London as part of the service? That's going to be a decent selling point which (if I were a prospective passenger) would attract me.
All in all, I don't see that LTN's location advantage is decisive.
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For the avoidance of doubt, just because certain news headlines say that EOS is headed-up by a former 'BA Executive' some might assume that this infers some level of British involvement / ownership (WRONG!).
EOS actually looks to being formed under a holding / parent company known as 'Atlantic Express' ( probably because, as reported here on PPRuNe by Oshkosh George on 8th February 2005 21:38 - "If it does happen,there will probably have to be a name change,as it's a US regional airline,as well as a bus operator in the US!"; and / or see also this thread ).
Those who might like to know more about this start-up should have at the USA Department of Transport (DOT) - Docket Management System ( Nb. for the docket number enter 19617 ) where those whom wade through the listed documents will see that in their air carrier submisison it says:
As a matter of public record (as filed with the USA DOT) Atlantic Express - Key Personnel
and lower down (in 'Exhibit 10') it says
With regards to their capitalisation, their air carrier submission says (in 'Exhibit 10'):
EOS's corporate headquarters
is listed as: 287 Bowman Avenue, 4th Floor, Purchase, NY 10577, USA
EOS actually looks to being formed under a holding / parent company known as 'Atlantic Express' ( probably because, as reported here on PPRuNe by Oshkosh George on 8th February 2005 21:38 - "If it does happen,there will probably have to be a name change,as it's a US regional airline,as well as a bus operator in the US!"; and / or see also this thread ).
Those who might like to know more about this start-up should have at the USA Department of Transport (DOT) - Docket Management System ( Nb. for the docket number enter 19617 ) where those whom wade through the listed documents will see that in their air carrier submisison it says:
3. Atlantic Express is a citizen of the United States within the meaning of 49 U.S.C. § 40102 (a)(15). Specifically, all of Atlantic Express's officers, directors and key management officials are U.S. citizens. More than seventy-five percent of Atlantic Express' voting stock is currently owned by U.S. citizens, and the proportion of US citizen ownership will continue well above the seventy-five percent level even as further capital is invested into the company. In addition, Atlantic Express is actually controlled by U.S. citizens. Atlantic Express' affidavit of citizenship is attached as Exhibit 2. (see below)
(Nb. further down the submission document it goes on to add that "U.S. citizen individuals and investment vehicles currently hold 92.60 percent of the voting power in Atlantic Express. Two U.S. citizens, CCG Investments, LLC and The Spurlock Family Trust, hold 78.70% of the voting interest in the company. As additional investments are made, these percentages will vary. Assuming the maximum authorized investments are made in the company by all shareholders, U.S. citizens will hold 89.35% of the company's voting interest." )
4. Atlantic Express requests a certificate of public convenience and necessity permitting it to engage in the scheduled foreign air transportation of persons, property and mail as follows:
(Nb. further down the submission document it goes on to add that "U.S. citizen individuals and investment vehicles currently hold 92.60 percent of the voting power in Atlantic Express. Two U.S. citizens, CCG Investments, LLC and The Spurlock Family Trust, hold 78.70% of the voting interest in the company. As additional investments are made, these percentages will vary. Assuming the maximum authorized investments are made in the company by all shareholders, U.S. citizens will hold 89.35% of the company's voting interest." )
4. Atlantic Express requests a certificate of public convenience and necessity permitting it to engage in the scheduled foreign air transportation of persons, property and mail as follows:
- Between any point or points in the United States via intermediate points to a point or points in The Netherlands and beyond.
- From points behind the United States via the United States and intermediate points to a point or points in Germany and beyond.
- Between any point or points in the United States and any point or points in the United Kingdom (other than London's Heathrow or Gatwick Airports).
- Name (Citizenship) JobTitle
- David J Spurlock (USA) CEO
- Gil Morgan (USA) Exec VP Operations
- Joan Schuckenbrock (USA) Sr VP, Human Resources
- Donald R Dodson (USA) VP, Flight Operations
- Danald Ray Wood (USA) Chief Pilot
- James V Casbarro (USA) VP, Technical Operations
- Lawrence B Gibbons (USA) VP, Contracts
- Frank Deluca (USA) Director, Quality Control
- R. Neil Schnaak (USA)Director, Safety
- Eilif Serck-Hanssen (Norway) Chief Financial Officer
Atlantic Express is currently finalizing a Letter of Intent to lease up to four B757-200 aircraft for delivery in the May, June, July or August 2005 timeframe. The company plans to commence operations in August 2005 with three aircraft, subject to receipt of all applicable DOT and FAA approvals. The company plans to increase the fleet by four aircraft per year for each of the four years following certification, building to a total fleet of twenty aircraft.
Atlantic Express plans to provide service from John F. Kennedy International Airport ("JFK") and other airports in the continental United States to destinations in the United Kingdom and Europe that are not slot controlled airports or airports restricted by bilateral agreements. Atlantic Express will begin service with four 757-200 aircraft. The company intends to add four aircraft per year thereafter growing to a fleet of twenty 757-200s
Based upon the financial assumptions set forth in Exhibit 10, Pre-Operating Expenses will be $15,707,020. Deposits and Capital Expenditures for aircraft and other equipment including properties and facilities will be $23,864,056. Pursuant to the Stock Purchase Agreement certain shareholders of Atlantic Express have committed to provide a total of $40 million in capital to fund these expenses, which will bring total pre-operation capitalization to $40,302,000. Additionally, under the terms of the stock purchase agreement, Atlantic Express will have available at the time of first revenue service an additional $30 million in capital for a total of $70,302,000. Consequently Atlantic Express will have approximately $30,730,924 in working capital available upon commencement of operations.
Applying the "DOT" test of working capital (i.e., total expenses for 12 months ($75,011,000) divided by 4), Atlantic Express will have "DOT" working capital, after deduction of the $18,752,750 quarter-year reserve, of approximately $11,978,174. This does not include a further $15 million of growth capital that is available under the stock purchase agreement to be injected into the company
Applying the "DOT" test of working capital (i.e., total expenses for 12 months ($75,011,000) divided by 4), Atlantic Express will have "DOT" working capital, after deduction of the $18,752,750 quarter-year reserve, of approximately $11,978,174. This does not include a further $15 million of growth capital that is available under the stock purchase agreement to be injected into the company
is listed as: 287 Bowman Avenue, 4th Floor, Purchase, NY 10577, USA
Last edited by Hawk; 11th Jun 2005 at 18:54.
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The recurring weakness in business plans like these is always the scheduling constraints. An East Coast roundtrip uses up one aircraft-day so in theory you can fly a daily rotation with a single aircraft. In practice it’s not like that, something bad will happen sometime to disrupt the schedule and you will be in deep trouble.
Maybe with three aircraft and a single route they are thinking about two daily roundtrips and a backup aircraft. That would give average daily block time across the fleet of about 10h – not a lot to be making money with.
Then – how do you schedule two daily roundtrips? There’s a lot of high-yield demand for a daylight Eastbound but that needs overnighting the aircraft at both ends – takes up two aircraft for a single roundtrip. Otherwise you can separate the Westbounds by maybe four hours – say 1100 and 1500 departures – but the Eastbounds would have to leave NYC within a couple of hours of each other at maybe 2000 and 2200, both chasing more or less the same market segment.
Still – What do I know? Spurlock was BA Director of Strategy, so he’s obviously several steps ahead of me.
Maybe with three aircraft and a single route they are thinking about two daily roundtrips and a backup aircraft. That would give average daily block time across the fleet of about 10h – not a lot to be making money with.
Then – how do you schedule two daily roundtrips? There’s a lot of high-yield demand for a daylight Eastbound but that needs overnighting the aircraft at both ends – takes up two aircraft for a single roundtrip. Otherwise you can separate the Westbounds by maybe four hours – say 1100 and 1500 departures – but the Eastbounds would have to leave NYC within a couple of hours of each other at maybe 2000 and 2200, both chasing more or less the same market segment.
Still – What do I know? Spurlock was BA Director of Strategy, so he’s obviously several steps ahead of me.
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I should just say that I live in London and Stansted is far more easy to get to than Luton (by car or public trans.), don't assume everyone around Stansted is a "Carrot Muncher" there's just as many farm's and rolling countryside around Luton's perimeter fence and carrot chewing people i'm sure!!!!
I understand that people to the North/North West of London Luton is easier, but to the North East/East Stansted is far more popular (easier links to the city, isn't this where business travellers would be in high concentration?).
Trust me there's still a lot of people round this side of London havn't a clue where Luton is and travel further to Gatwick through their ignorance. So don't knock it, as much as it needs a bit of a sort out and tidy up at STN it's in a good possition. Luton isn't the centre of the Earth as a lot of people on here think.
Finally and correct me if i'm wrong but BlueFox had refitted the old terminal at Stansted for their operations so surely this would be Eos best option (if they havn't already looked at that).
Let's hope both ventures work side by side, will create job's and keep people happy. Despite all the failed start ups that put negative thoughts amongst us, lets all try and be a bit positive for a change! I wonder sometime's if some pprune'rs idle gossip and idea's have something to do with all this.
Good luck to all!
I understand that people to the North/North West of London Luton is easier, but to the North East/East Stansted is far more popular (easier links to the city, isn't this where business travellers would be in high concentration?).
Trust me there's still a lot of people round this side of London havn't a clue where Luton is and travel further to Gatwick through their ignorance. So don't knock it, as much as it needs a bit of a sort out and tidy up at STN it's in a good possition. Luton isn't the centre of the Earth as a lot of people on here think.
Finally and correct me if i'm wrong but BlueFox had refitted the old terminal at Stansted for their operations so surely this would be Eos best option (if they havn't already looked at that).
Let's hope both ventures work side by side, will create job's and keep people happy. Despite all the failed start ups that put negative thoughts amongst us, lets all try and be a bit positive for a change! I wonder sometime's if some pprune'rs idle gossip and idea's have something to do with all this.
Good luck to all!
Too mean to buy a long personal title
If you go to www.mapquest.co.uk and search successively for the "towns" of Heathrow, Gatwick, Luton and Stansted, you'll see where each of them is. (You need what comes up as "Stansted, Stansted" on this site.)
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[QUOTE]I should just say that I live in London and Stansted is far more easy to get to than Luton (by car or public trans)....but to the North East/East Stansted is far more popular (easier links to the city, isn't this where business travellers would be in high concentration?).QUOTE]
Depends where in London you live and work.
However, train links from London to STN compared to LTN just don't stack up (45 minutes from Liverpool Street to STN compared to 23 minutes [Midland Mainline from St Pancras to LTN] plus Thameslink in between 25 and 35 minutes from London Bridge, Blackfriars, City Thameslink, Kings X Thameslink, etc., etc to LTN)
Anyway, premium-rate business passengers won't be travelling by train, more likely by limo or even by private helicopter. Nor will they be going through the main terminals, either at STN or LTN.
So you pays your money and takes your choice!
Depends where in London you live and work.
However, train links from London to STN compared to LTN just don't stack up (45 minutes from Liverpool Street to STN compared to 23 minutes [Midland Mainline from St Pancras to LTN] plus Thameslink in between 25 and 35 minutes from London Bridge, Blackfriars, City Thameslink, Kings X Thameslink, etc., etc to LTN)
Anyway, premium-rate business passengers won't be travelling by train, more likely by limo or even by private helicopter. Nor will they be going through the main terminals, either at STN or LTN.
So you pays your money and takes your choice!
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It is a pity that the Stansted Express is just a name. Express it clearly is not and cannot match Thameslink/Midland mainline for capacity or frequency!
St P to Luton Parkway in 23 minutes, plus many other Thameslink trains per hour, some of which go through London, onward to Gatwick and Brighton. Head north to Leicester, Sheffield and beyond.
The elite already are most used to flying from Luton, some of which have transfered from Heathrow Concorde to Bedfordshire. Luton is Europe's number one executive airport, offering 24-7 availability (am I wrong)?
Stansted is still in Essex, surrounded by NIMBYs and planning to fleece customers at other London airports to pay for facilities that the incumbant airlines do not want. (I do believe this possibly happened in 1991) The current terminal reminds me of the London Underground. Available, dirty, cramped and cheap!
I wonder what is happening with FlyFirst?
St P to Luton Parkway in 23 minutes, plus many other Thameslink trains per hour, some of which go through London, onward to Gatwick and Brighton. Head north to Leicester, Sheffield and beyond.
The elite already are most used to flying from Luton, some of which have transfered from Heathrow Concorde to Bedfordshire. Luton is Europe's number one executive airport, offering 24-7 availability (am I wrong)?
Stansted is still in Essex, surrounded by NIMBYs and planning to fleece customers at other London airports to pay for facilities that the incumbant airlines do not want. (I do believe this possibly happened in 1991) The current terminal reminds me of the London Underground. Available, dirty, cramped and cheap!
I wonder what is happening with FlyFirst?
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Ebenezer; for the sake of it I live near the city and in all fairness I wouldn't use the train to Stansted, I would drive. Stansted is far more easier via the A13/M11 in rush hour (travelling out of London" than facing that car park otherwise known as the M1/M25, so yes I do agree depends on where in London you live, however there are obviously two different " London catchment area's) that the two airports serve, so lets hope both ventures do work. Contrary to popular belief by some, West London is not the only inhabited part of London.
Buster the Bear; I too agree that Stansted has become somewhat an "untidy place" I have used it and agree BAA need to do something about it and the so called "Stansted Express".
Well where do you think Luton is Buster the Bear? "WC1" perhaps??? I think Bedfordshire which again surrounds London (and doesn't have a London area postal code) just like Essex doesn't (and even Heathrow). Unless Eos or Fly First will land a B757 at London City (I'll watch out of my living room window for that!) I would imagine they have had to look at LHR, LGW, STN, LTN. Both Stansted & Luton are well suited to serve different parts of the capital so lets not do the "Luton's better than Stansted" thing. They both have potential where new "Long Haul" services are concerned. Look at the passenger figures for the two airports and compare them perhaps thats what Eos have done?!?!?!
I hope both get off the ground (for a change).
Buster the Bear; I too agree that Stansted has become somewhat an "untidy place" I have used it and agree BAA need to do something about it and the so called "Stansted Express".
Stansted is still in Essex
I hope both get off the ground (for a change).
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I see a Scannia bendy bus http://www.timmonet.co.uk/html/bendy_bus.htm is being used on the 5 minute ride between the station and Luton’s terminal. Not sure if they have bought it or just trying it out but it certainly cures the overcrowding problems.