OzJet bows out

Expatriate entrepreneur and OzJet Airlines founder Paul Stoddart has given up his aviation ambitions in Australia after selling his charter airline business.

Yesterday Mr Stoddart departed the Australian aviation scene after three years, having sold OzJet to Sydney-based charter firm HeavyLift Cargo Airlines.

The price was not disclosed, but typical of the salesman he is Mr Stoddart said that HeavyLift was acquiring OzJet and its small fleet of Boeing 737-200 jets in a “multi-million dollar deal.”

HeavyLift Cargo Airlines is a worldwide cargo airline specialising in flying oversized, uniquely-shaped loads and dangerous goods on high-capacity, medium to long-range charters.

Its clients have included the Australian Defence Force, which chartered HeavyLift to fly cargo to the Solomon Islands.

Melbourne-born Mr Stoddart, who made his fortune selling aviation parts and has lived in Britain for 20 years, is best known as the former owner of the Minardi Formula One racing team which he sold in 2005 to Red Bull.

Mr Stoddart said yesterday he was pleased the sale of OzJet to HeavyLift would maintain its progress into a successful schedule and specialist charter airline.

HeavyLift’s Nick Leach, who has become chairman of OzJet, said the acquisition came at a challenging time for the industry, noting however that “this development will strengthen both companies”.

Mr Leach said he looked forward to the synergies that could be achieved with HeavyLift’s existing three Boeing 727 cargo aircraft.

OzJet launched as an all-business class airline in 2005, flying between Melbourne and Sydney.

It struggled to attract passengers and suspended scheduled services in 2006, becoming a charter business.