Despite the global economic recession Ocean Sky is promising what its chief executive Kurosh Tehranchian (pictured) is calling a year of "aggressive expansion." The company, which already has FBOs at Manchester and Glasgow Prestwick, is to create a new FBO at Luton which is scheduled to open for business in April.

Tehranchian (pictured) says Ocean Sky has taken over an "exceptional site" formerly occupied by Harrods Aviation. "In addition to a large parking area, the FBO will have a luxury lounge for clients provided by a major overhaul of the former Harrods centre." Ocean Sky, he adds, plans to open a string of new FBOs across Europe during the next 18 months. "We believe the current economic climate is an opportunity as much as it is a challenge. There are great opportunities out there for well-funded companies like ours to make acquisitions at good prices."

Steve Grimes, former head of Harrods Aviation, will have overall responsibility for all three FBOs. Grimes says: "The Luton FBO will give us crucial access to London through its most important private jet airport.

Ocean Sky plans to spend £1.5 million at its Manchester FBO. The money will be directed towards upgrading plant and machinery.

"Although the current climate is not right for other kinds of private jet investment, if you are in maintenance then supply and demand are relatively constant," says Tehranchian. He is confident that the worst is over for private aviation, despite a downturn which, he says, has seen charter bookings drop by more than 50 per cent for most companies.

"We are luckier than most because we don't rely on charter, but are diversified into brokerage, maintenance and FBOs." He also sees improving prospects for the industry as a whole. "As we see it now, sentiment is definitely going in the right direction. The backbone is solid for private aviation. There are even signs of some returning confidence from banks."

Ocean Sky is bringing into service a 12-seat Global Express XRS, which it believes is the only Global Express with a commercial licence available in the UK.