Brits interested in chartering jets may have to crack out the checkbook up front from now on. Sir Alan Sugar, owner of luxury charter service Amsair, says credit won’t cut it, as he tries to whittle down his company’s bad debts. For some, being given the choice to pay up front is fortunate … others are just being turned away.
In what can only be described as a “no shit” moment, Sugar explains to The Sun, “The whole industry is suffering in the current economic climate.” After proving that his head was indeed not buried in the sand, he continues, “We have had to make changes to some parts of the business. In some cases we have taken the decision to not take on some high-risk, third-party charters.”
In other news, the infamous UK tabloid can’t seem to find decent experts. To supplement Sugar’s opinion, The Sun was only able to come up with, “Experts said the move reflected the growing pressures on corporate jet firms. Customer numbers have tumbled as bankers lose their jobs.”
By June 30, 2008, the last period for which information is available, Amsair’s profits had fallen 41 percent. And, let’s face it; the financial world’s gotten a lot tougher since then.