The All Business Class airline Silverjet went into administration this week after it faced major financial problems that forced the company to suspend all its flights. Passengers already booked on flights were left stranded and left just under 10,000 customers needing to make alternative plans at rather short notice!!!

One of the major contributors to Silverjet troubles stems from the soaring cost of fuel – and only this week we have also seen the lorry drivers protest to the Government over rising prices at the pumps. I wouldn’t be too surprised to see a number of haulage firms going bust too if oil prices and consequently pump prices continuing to rise, as they have done over the last 12-24 months!

Also, in the airline industry two of Silverjets competitors Maxjet and Eos have both gone out of business too and there are many other carriers struggling and even British Airways put up its fuel surcharge today!

“For sale Silverjet said it was “with deep regret” that it has appointed administrators.” The company have been unable to secure the necessary funding to continue its operations so had to call in the administrator Begbies Traynor. There were interested parties in the potential sale of Silverjet and the administrators seem confident of a sale. Shares in the carrier were suspended earlier this month when it failed to obtain a critical $5m (£2.5m) loan.

The business operated with three Boeing 767 aircraft and flew out of London Luton Airport to New York and Dubai – the average cost of a return fare was around £1,000 and Silverjet started its service in January of 2007.