Family of the late Tony Ryan in bid to sell jet charter company

THE FAMILY of the late Dr Tony Ryan is selling an executive-jet charter company which it operates from Dublin airport, writes Barry O'Halloran.

The directors of Starair placed an advert in yesterday's edition of The Irish Times announcing a "Dublin-based executive-jet charter company" for sale.

The advert did not name the vendor, but it later emerged that it was Starair Ltd, owned by members of the Ryan family. Dr Ryan, who died last year, founded low-cost airline Ryanair and aviation leasing firm GPA.

Dr Ryan's son Cathal, who was also involved in the aviation business, and owned racehorse breeding operation Swordlestown Stud in Kildare, died within months of his father's passing last year.

Cathal Ryan and his brothers, Shane and Declan are listed as shareholders in the jet charter company's parent, Starair Holdings, in returns lodged with the Companies' Registration Office (CRO).

Starair Ltd's directors are named as Gerry Williams and Gerard Power.

The company is based in Dublin Airport Business Park in Cloughran and operates a Challenger executive jet and a Bell helicopter.

Members of the family used the aircraft, but they were also chartered to other clients.

The latest accounts filed with the CRO show that Starair made profits before tax of €3.7 million in 2006, up from a €1.4 million loss reported for the previous year.

Shareholders' funds stood at €2.7 million at the year's end; 12 months previously they were in the red to the tune of €1.4 million.

Starair employs 12 people, namely pilots and administration staff; in 2006, it had eight staff.

It is understood that the company is for sale as a going concern and directors and shareholders want to do a deal privately.

Dr Ryan was one of the most successful Irish businessmen of his generation and GPA was one of the biggest players in global aviation leasing. While the company's flotation failed in the early 1990s, it was subsequently sold to the GE Group.

A number of high-profile Irish executives, including media and telecoms tycoon Denis O'Brien and Ryanair chief executive Michael O'Leary, began their careers at GPA. Mr O'Brien maintains his interest in aviation leasing through Dublin-based Aergo Capital.

Dr Ryan spent much of the last years of his life in the US, where he owned a successful thoroughbred stud farm in Kentucky. As well as Swordlestown, the family's racehorse breeding interests include Kilboy Estate, near Nenagh, in Tipperary.