Thierry Boutsen - BOUTSEN AVIATION

When a client calls on your company it’s not just a plane they are purchasing. You also take care of all aspects to do with managing the aircraft’s interior.
We have two relatively separate departments. When you buy a new jet, there is work to do to fit out the interior. No two planes are alike in the category of aircraft we deal in. For example, we have delivered airbuses to clients that are equipped with VIP lounges, rooms for sleeping in, bathrooms, etc – all quite sophisticated. Our aim in this case is to find the most suitable plane, find a company to do the interiors in line with the client’s requirements, and to manage the whole operation. There are several aspects to take into consideration. For example, the plane has to be registered and certified in the country of destination – the criteria for certification are often different depending on the country. Our other department is managed by my wife. We take care of all the supplies in the plane, what we call the “loose equipment”. When a plane is delivered there is no cutlery, plates, linen, soap etc – we supply everything required to make the interior comfortable. We have trade agreements with leading manufacturers, about 15 suppliers of the big brands.

You have passed the milestone of 215 aircraft sold: who are your clients?
We don’t have one type of client. Our clients include heads of state, multi-national companies, charter companies, individuals – it’s very varied.

Since you started the company in 1997, how has your clientele altered?
We set up the company in 1997, but I continued racing cars until the end of 1999. So in the first two years I was only really working part-time. Since 2000, we have both been giving it 100%. We started in the F1 world, then after the fifth or sixth transaction we started looking outside of it. We had already acquired some experience, especially on a personal level with the particularly demanding clientele of Formula 1. Armed with this experience, we started to advertise globally. We were contacted by several clients, mostly companies in the beginning. To start with we didn’t really have any purchasing contracts but certainly sales contracts. Gradually, more by word of mouth we became known for our professionalism and quality of service, which is the reputation we wanted.

Buying a private jet is not something one takes lightly – what’s involved?
If you own a private jet and want to sell it, you can come to us. We will handle the whole transaction; after signing an exclusive mandate – we only work on exclusive mandates – until the money arrives in your bank account. All these steps, from when an offer is made to signing the purchase contract, take us about two to two and a half months of intensive work. In terms of buying a second-hand plane, our knowledge of the global market and its daily movements as well as our experience of international transactions means we are in a position to find the best aircraft for our clients, wherever they are in the world. We offer an à la carte service depending on individual requirements. We start by clearly defining the client’s criteria – make, model, year, hours flown, remaining potential, equipment, cosmetic aspects and of course price range. With these elements we research and do an analysis of the global market to establish a list of the aircraft for sale which meet these criteria. From this list we select the three most suitable ones and ask them to compete for the sale to make them lower their prices and then we put in a firm offer to the client. This offer will be subjected to the results of a rigorous inspection by experts to highlight the aircraft’s qualities and faults. We then advise our client either to accept or categorically reject it. We then handle the legal and administrative aspects, including drafting contracts, registration and certification.

What is your analysis of the current market? Has there been a negative impact due to the crisis?
The consequences of the crisis on our sector are enormous. Before the crisis in 2006 / 2007, many investors who had no link with aviation found a product on which they could speculate. There was so much demand that manufacturers struggled to build new aircraft fast enough so we had delivery times of two, even three years. During this three year period there were many speculators who signed orders which they then sold on at a profit; those people then sold it on and so on. And then the day came early on in the crisis when, on paper, a lot of planes had been bought but the owners didn’t know what to do as they had bought them purely on speculation. Today around 20% of the global fleet is for sale. That’s huge! A market is considered normal when there is between 4 to 5% of the fleet for sale. Some aircraft have lost up to 50% of their value in two years.

You are originally from Belgium – why did you choose to set up in the Principality?
There are several reasons. You need to understand that I discovered the Principality at the wheel of a racing car. I came here not knowing anything about Monaco in 1979. I returned four years in a row before settling here and starting a family. I realised then that it was a place that offered many advantages, not just fiscal but also from the point of view of security, education, the climate, the proximity to Nice Airport and so on. I think it’s great. Monaco offered me an opportune and interesting refuge. As there are over 100 nationalities in Monaco there are no distinctions between people. It gives you a very different quality of life and I take full advantage of it.

Have you any projects for the future?
We have launched the management department for cabin construction, interior equipment and supplies for VIP-style Boeing BBJ or Airbus Corporate Jets and we are going to develop that side of the business. It’s one of our most intensive projects and we attach a great deal of importance to it. We are also developing our commercial side. As there are so many private jets on the market there is room to recruit another person and we are currently looking for someone who could fill this post.

What do you think of Luxe Immo magazine’s ambition to unite the worlds of contemporary art and luxury real estate?
I am always very enthusiastic at the idea of combining two fields that complement each other, even if sometimes they are very different, and which can be a big plus for the other!