Jetmagic, the fledgling Cork-based airline which counts former Aer Lingus chief executive Mr Michael Foley as a shareholder, yesterday said it expected to carry 200,000 passengers annually.
The carrier announced daily flights to Northern Ireland, Britain and the Continent from the end of April with fares beginning at €75 one-way.
Jetmagic sought to distinguish itself from Ryanair, stressing tickets were refundable with no minimum stay.
The company announced five preliminary routes - Belfast, London City, Brussels, Nice and Barcelona - and said it was in final negotiations with airport authorities in seven other European destinations and will announce further routes on March 28th. It will employ 145 from its Cork airport headquarters.
The airline was established by 11 Cork-based entrepreneurs, including Mr Foley, who was dismissed from Aer Lingus over sexual harassment allegations two years ago.
The venture is funded entirely through €5 million private equity stumped up by stakeholders. At least another four business people have applied to join the consortium, according to a Jetmagic spokesman.
Pitched firmly at the business traveller, Jetmagic will fly twice daily to Belfast and London on weekdays. It will fly daily to Brussels and at weekends to Barcelona and Nice.
Airfares start at €75 one-way plus tax and, depending on availability, will rise in €25 increments to €250, although if a passenger changes a booking and finds the new ticket price is lower, the airline will refund the difference.
Chief executive Mr Patrick Raftery, who has worked in senior management at British Airways international division for 13 years, said a target of 200,000 passengers annually had been set.
In the longer term, the airline hopes to set up a second hub on the Continent although Mr Raftery declined to say where. Jetmagic will operate a fleet of four 37-seater Embraer 135 regional jets and plans to acquire more.
The carrier is marketing itself as a cutting-edge enterprise, pointing to its exclusive use of "e-tickets". The carrier's website goes live on Monday, March 17th, and will accept bookings from that date. Tickets can be cancelled with full refund within 24 hours of booking. After this period, changes and refunds are permitted at a charge of €25 up to 24 hours prior to departure.
