Ryanair founder Dr Tony Ryan and his family are backing a new Mexican low-cost airline that they expect to carry 1.5 million passengers within its first year of operation.
The Ryans have joined with former GPA executive Maurice Mason to set up a new venture called RyanMex, which will have a 49 per cent holding in the new airline, AeroBus.
The remainder of AeroBus will be held by IAMSA, Mexico's largest bus transportation company. Conor McCarthy, a former Ryanair operations director, will also take a holding in AeroBus through his PlaneConsult company.
None of the parties involved released details of their investment yesterday, but it is likely that the initial outlay will be minimised by leasing rather than buying aircraft.
AeroBus is due to begin flying in September with two Boeing 737-300s, with the fleet to increase to 10 within the first two years of business.
It will cover Mexico City and other major cities in Mexico, as well flying to some cities in the US. The investors expect AeroBus to employ up to 500 staff by the end of next year. Dr Ryan, his son Declan Ryan and Mr Mason will represent RyanMex on the board of the new airline.
The Ryans have already backed Tiger Airways, a low-cost airline in Singapore and are also involved in Allegiant, a Las Vegas-based airline.
