Cyclic Hotline
30th Apr 2001, 04:21
Hunter flies on after rift with partners Sunday Times.
TOM Hunter, the Scottish entrepreneur, has denied speculation that his private jets company is up for sale. But he has parted company with Neil and Erik Cochrane, the brothers who ran the business, writes Terry Murden.
Hunter says he is investing in Ayrshire-based Corporate Jets, which provides jets for hire to celebrities and other wealthy clients, and will be taking delivery of a replacement Lear jet in June, costing $12.5m.
When asked if the split with the Cochranes was amicable, Hunter said: "You'll have to speak to my lawyer."
Neil Cochrane is now operating as a freelance pilot while Erik is working as an airline consultant. He would not comment on the reasons for the two leaving the business, but there appears to have been no pay-off, even though Hunter now owns 100% of the company. He paid about £1m for half the shares in 1998.
The split follows a dispute last year when the Civil Aviation Authority grounded the company's two jets after it was found to be operating without a proper licence.
Hunter then bought Dublin-based Irish Air Transport which provided an air-operating certificate for the company to take to the skies. When he bought into Corporate Jets Hunter was talking of turning it into another multi-million-pound enterprise, but it still makes a slight loss.
Hunter made his personal fortune from the £252m sale of Sports Division and has invested in numerous ventures, including the £5m acquisition of a chain of former Fosters menswear shops. Some, such as internet business Toyzone, have been less than successful.
He ordered a new jet for Coporate Jets when he invested in the company and is believed to be providing guarantees for the bank loan. The firm's celebrity customers are said to include Jackie Stewart and David Coulthard.
TOM Hunter, the Scottish entrepreneur, has denied speculation that his private jets company is up for sale. But he has parted company with Neil and Erik Cochrane, the brothers who ran the business, writes Terry Murden.
Hunter says he is investing in Ayrshire-based Corporate Jets, which provides jets for hire to celebrities and other wealthy clients, and will be taking delivery of a replacement Lear jet in June, costing $12.5m.
When asked if the split with the Cochranes was amicable, Hunter said: "You'll have to speak to my lawyer."
Neil Cochrane is now operating as a freelance pilot while Erik is working as an airline consultant. He would not comment on the reasons for the two leaving the business, but there appears to have been no pay-off, even though Hunter now owns 100% of the company. He paid about £1m for half the shares in 1998.
The split follows a dispute last year when the Civil Aviation Authority grounded the company's two jets after it was found to be operating without a proper licence.
Hunter then bought Dublin-based Irish Air Transport which provided an air-operating certificate for the company to take to the skies. When he bought into Corporate Jets Hunter was talking of turning it into another multi-million-pound enterprise, but it still makes a slight loss.
Hunter made his personal fortune from the £252m sale of Sports Division and has invested in numerous ventures, including the £5m acquisition of a chain of former Fosters menswear shops. Some, such as internet business Toyzone, have been less than successful.
He ordered a new jet for Coporate Jets when he invested in the company and is believed to be providing guarantees for the bank loan. The firm's celebrity customers are said to include Jackie Stewart and David Coulthard.