ExecuJet Aviation Group has pledged to expand using the injection of capital resulting from businessman Dermot Desmond's acquisition of a majority shareholding.

Niall Olver, ceo, says: "Further significant investment is planned to fuel the company's global business growth plans. We expect the appointment to help us take the company to the next stage."

He told EBAN at a meeting in London that the existing management retains a significant stake. He ruled out the possibility of providing charter as well as management services.

Desmond, who acquired London City Airport in October 1995 for a reported #23.5m and sold it in November 2006 for a reported #750m, will become ExecuJet chairman and Brendan Murphy of IIU, deputy chairman.

Headquartered in Zurich, Switzerland, the ExecuJet Aviation Group is an independently-owned aviation company.