One of the UK’s largest private jet charter companies is closing in on its first external investment with a $250m (£192.7m) deal involving the former owner of Hunter Boot.

Sky News has learnt that AirX, which was founded by John Matthews, its chief executive, in 2011, is finalising an agreement with Searchlight Capital Partners to sell roughly 25% of the company.

AirX has become the second-largest business of its kind in Europe, competing with the likes of NetJets and VistaJet.

It is understood to be planning to grow its fleet to 110 aircraft within five years, capitalising on growing demand for private aviation from the super-rich.

Read more from business:
Housing market demand surges
Ted Baker shops shut for good amid
Housebuilders push ahead with merger

Based in Malta, AirX employs about 400 people.

The company owns its aircraft, unlike many of its competitors.

Mr Matthews has grown the business from its inception, taking it to about £150m in annual sales and approaching £30m in earnings before interest, tax, depreciation and amortisation.

He is thought to own about 70% of AirX.

One private equity source said on Monday that Mr Matthews had been holding talks with potential private equity backers for some time.

Be the first to get Breaking News

Install the Sky News app for free

AirX refused to comment, while Searchlight could not be reached for comment.

Related posts:

Electric vehicles, staff shortages and the return to the office Bridgepoint cooks up £500m Whopper with plot to sell Burger King UK Survival hopes fade for energy suppliers as CNG warns over hedges Shareholders in £1bn adtech firm Tremor urge board to hold sale talks BP to offload its 19.75% stake in state-owned Russian oil giant Rosneft BP shares slide after Ukraine invasion prompts exit from Russia Tory peer Cruddas to toast £20m CMC Markets windfall Truss resignation sparks recovery for pound, shares and govt borrowing costs Royal Mail head urges striking union to ‘think carefully about members’ jobs and saving Christmas’ Energy regulator targets new protections for homes and businesses before winter BBC among suitors for Gruffalo producer Magic Light Pictures No drama from new chancellor’s first major speech but that seemed to be the point