Reubens to pump cash into Silverjet

22 November 2007 - Evening Standard

The billionaire Reuben brothers are set to emerge as a key investor in business class only airline Silverjet.

The Luton-based carrier, which launched this year flying 100-seater flatbed aircraft to New York, will tomorrow unveil a £22 million recapitalisation of the company.

Just months after £25 million fundraising that followed the £25 million flotation last year, Silverjet is to announce a £12 million placing of shares to current investors plus the issue of £10 million of convertible loan stock to a vehicle controlled by Simon and David Reuben.

The Reubens, who have made a fortune from land around the Olympic site have interests in the aircraft-leasing business and recently bought Oxford airport.

It has emerges that the fundraising is the reason why Silverjet’s half-year results, due yesterday, were postponed.

The carrier, founded by Lawrence Hunt, a scion of the Foyle’s bookstore family, declined to comment on its fundraising plans.