New European jet firm makes big Bombardier order

By John Bowker

LONDON, Sept 24 (Reuters) - A new European private jet company has made its debut with a $1.5 billion order for 110 Bombardier Inc (BBDb.TO) aircraft it hopes to sell or lease to wealthy individuals -- despite the current financial climate.

Jet Republic, which is backed by Austria's Euram Bank, has confirmed an order for 25 Learjet 60 XR aircraft, with options to purchase 85 more.

It will sell shares in each jet or rent each out on an hourly basis -- a format it expects to appeal to those cutting costs due to the economic downturn.

"The challenge in financial markets means it makes more sense to buy a fraction (of an aircraft)," said Chief Executive and founder Jonathan Breeze, who is also an investor.

Jet Republic, which will fly between some 1,000 airports in Europe and be based in Portugal, will compete with NetJets, a plane-sharing company owned by investor Warren Buffet's Berkshire Hathaway Inc (BRKa.N).

Bombardier said in June it had taken an order for 110 Learjets from an unnamed European buyer. The 25 confirmed were included in the group's 222 orders in its half year to end July.

Bob Horner, senior vice president of sales at Bombardier, said he was confident the group could continue its growth pattern.

"If there is a blip, it will be only temporary," he told Reuters on the sidelines of the Jet Republic presentation. (Reporting by John Bowker; Editing by Andre Grenon)