New private aviation club Jet Republic has launched with the industry’s largest order for business jets.

Jet Republic, a new private aviation club, has launched with a US$1.5 billion (more than £800 million) order for 110 Bombardier Learjets – heralding itself as the “aviation equivalent to a five-star boutique hotel”.

The company is funded by Euram Bank, a private Austrian bank, and a number of its clients. This has enabled it to afford the purchase, described as the largest European business aircraft order ever.

Although a number of business airlines have recently gone into administration, such as Silverjet and Eos, Jet Republic is confident that there is enough demand within the market for its services, citing the increase in high net-worth individuals – numbers of whom are rising 8% year-on-year within Europe alone – and the growing necessity of business travel.

Jonathan Breeze, CEO of Jet Republic, said: “Despite the current economic climate, the private jet market is enjoying strong growth. This, coupled with the fact that we believe there is significant room for improvement in the level of service provided by the private jet aviation sector, means there is a very strong and real opportunity for us to take a significant share of this market. We have the right proposition, an extremely talented management team to deliver on our strategy and the financial support to bring it to life.”

The Bombardier Learjet 60 XR seats seven passengers and is described by the aviation company as “the fastest, best-performing, most fuel-efficient midsize aircraft in the world”. Bob Horner, Senior Vice President Sales, Bombardier Business Aircraft, commented on the deal with Jet Republic: “The private jet market is going from strength to strength, despite a downturn in the US and world economies. Bombardier estimates that the worldwide business jet fleet will nearly double in the next 10 years from 12,800 to 24,800 in 2017 and we expect Europe’s share to grow from 13% to 25% of the market.”

Members of the private club, which is headquartered in Portugal, can either partake in shared ownership of a Learjet or hold a Private Jet Card to purchase flying hours for flights serving the UK, Western Europe and Russia.