Excel aims to brave turbulence

CRAWLEY-based Excel Airlines plans to brave stock-market turbulence with a flotation on the Alternative Investment Market towards the end of the year. However, Greek Cypriot owner Libra Holidays put no likely value on the company, which handled 1.4m passengers last year.

Excel flies eight Boeing 737s to destinations across Europe, carrying tour operators' customers to their holidays. Excel Airways, its trading name, has cabin staff uniforms designed by Paul Costelloe and black leather seats as part of its image that 'flying charter need not be nasty'.

Created in 1999 from the merger of a flight broking business and the former Sabre charter airline, Excel was officially launched out of Gatwick in 2001. Its chairman is former British Airways executive Eamonn Mullaney, 61, who began his 28-year career with BEA, went on to run British Airtours and then became chairman of Caledonia Airways. His deputy, managing director, Steven Tomkinson, is also a former BA man.

Broker to the issue will be Brewin Dolphin but there are no details yet on to whether Libra Holidays intends to retain a stake or how much money Excel hopes to raise.