They purchased a used aircraft and operated a flight school, aircraft dealership, parts distributor and air taxi operator.

Originally a charter and air taxi operator, later it started to operate also scheduled flights.

It has a presence in 68 countries but has faced regulatory hurdles and protests from established taxi operators in most locations where it has launched.

From the end of next year, low-cost airlines, taxi operators and ticket companies will all be prevented from levying fees, which can sometimes be as high as 20 per transaction.

The announcement was welcomed by air taxi operators, who are investing heavily in small jets to meet rapidly growing demand for private flights.