Charter & Fractional
Air Partner shutters charter division
Charter brokering group Air Partner has shut down its aircraft operating division in a bid to stem mounting losses.

Charter brokering group Air Partner has shut down its aircraft operating division in a bid to stem mounting losses. The Private Jet Operating Company (PJOC) has been put into administration after the company failed in attempts to establish a joint-venture partner for the business, or to find a buyer.

In financial results announced on March 16 for the six-month period ending on January 31, Air Partner showed a loss of £1.2 million ($1.8 million) across the group (including PJOC) with profits after tax down by 148 percent on the equivalent period last year. Excluding PJOC, profits before tax were down by 77 percent at £1 million ($1.5 million), with the Air Partner figures showing a charge of £2.4 million relating to the collapse of PJOC. Group sales were down by 7 percent, at £95 million ($143 million).