UK-based startup Global Airlines purchases an Airbus A380 to begin operations

Global Airlines, a startup carrier based in the United Kingdom, purchased an Airbus A380 aircraft
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A United Kingdom (UK)-based startup carrier called Global Airlines purchased a single Airbus A380 aircraft to start its operations. 

The airline reportedly purchased the aircraft from Doric, a Germany-based investment firm, which has an aviation subdivision. According to the German company’s website, it owns 14 Airbus A380 aircraft: 13 are currently with the Dubai, United Arab Emirates (UAE)-based Emirates, while one is being remarketed. 

A report by the UK’s The Independent said that Global Airlines is looking to purchase three additional A380s and plans to begin operations in spring 2024.  

“The next step is to overhaul and refit the aircraft to our high specification, providing our customers with the best experience in the sky today,” the company was cited as saying by The Independent. 

According to data, Doric currently is remarketing two Airbus A380s: one, registered as 9H-MIP, formerly operated by Singapore Airlines and then Hi Fly Malta, and A6-EDH, a former Emirates aircraft. The former is 16.5 years old, while the latter is 13.8 years old. However, both have been stored for a long time, requiring substantial maintenance work before they can be brought back to service. 

The firm also owns four Rolls-Royce Trent 900 engines, designed specifically for the A380. Other aircraft in Doric’s portfolio include six ATR 72-500s (leased to Finnair), four Embraer E175s that are being remarketed, one Airbus A320 (leased to AirAsia), a pair of Airbus A330-200s, one of which is with Hawaiian Airlines, while the other one is being remarketed, one Boeing 787-9 (leased to TUI), one Airbus A330-300 (leased to Asiana Airlines), and two Boeing 777-300ERs that are currently with Emirates. 

In addition, Doric owns two CFM International CFM56 and two International Aero Engines (IAE) V2500 engines. 

Established with $123 of capital 

Global Airlines, according to the UK Companies House, was established in July 2021, led by James Asquith, who is also the Chief Executive. 

Upon the establishment of the company, Asquith held 5,000 out of the total of 100,000 shares, while the remaining 95,000 were held by Holiday Swap, a company whose Chief Executive Officer (CEO) is also Asquith. The total nominal value of all shares was £100 ($123.47). 

Since its establishment, it filed three additional documents with the UK Companies House, including “Accounts for a dormant company” up to July 31, 2022, published in February 2023. The accounts revealed that the company had a single employee, presumably its Chief Executive Asquith, and held assets worth £100 ($123.47). The latest accounts by Holiday Swap showed that the majority shareholder of Global Airlines had £561,614 ($693,405) of cash in the bank and a debtor who owes the company over £9.6 million ($11.8 million) as of December 31, 2021. 

A press release from April 2023 said that Holiday Swap received an investment of $15 million, with $10 million at a valuation of $400 million. “In addition to the recent funding, Holiday Swap Group’s commercial aviation subsidiary has agreed in principle a substantial $60 million investment, highlighting the pivotal role of aviation in driving the company’s valuation,” the announcement read. 

According to estimates, 9H-MIP is valued at $29.6 million, while A6-EDH’s value stood at $35.4 million. 

AeroTime approached Doric and Holiday Swap for a comment. 

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