This spring, London Stansted-based vip charter company Titan Airways will be celebrating its 25th anniversary by becoming a wholly independent company following a management buyout.

Managing director and founder Gene Willson has acquired the business outright from 3i that has been a minority shareholder and private equity backer for the past 20 years. Willson aims to further expand the airline as an industry leader in the vip, corporate travel, sub-charter and aircraft leasing sectors.

"We are extremely pleased to achieve this milestone in such a significant year – our 25th birthday," says Willson. "3i has been a very supportive partner but completing the purchase of its shares provides us with full control of our long-term development plans for the airline. The additional shareholding also gives us the flexibility for further business opportunities."

Established in 1998, Titan Airways says it has an enviable record of profitability, growing by an average £300,000 year on year. In the last 12 years, despite the challenges seen in the aviation sector, profits have grown from £1.8m in 2004 to £7.6 million in 2012.

Founded 25 years ago as a two-man operation with a single Cessna 404 Titan, the company now has 250 staff and a fleet of 12 aircraft, ranging from a six-seat Citation CJ2+ to a 265-seat Boeing 767-300.

The next addition will be an Airbus A320-233 which will begin revenue service from May 1. It marks the first step in Titan's long-term strategy which aims to introduce more modern, economical and environmentally friendly aircraft to the fleet.

Alastair Kiernan, commercial director, explains: "All the aircraft in the A320 family, which comprises the A318, A319, A320 and A321, are economical to operate, with lower fuel burn and lower carbon emissions. Plus, many of the comp-onents and systems are inter-changeable so maintenance costs can be reduced even when operating more than one type of aircraft. In addition, all the aircraft in the A320 line are equipped with the same cabin/flight deck management system, so crew are able to switch between aircraft types and savings can be made with regard to training."

Titan anticipates strong demand for the new aircraft from other airlines for wet/damp lease and airline sub charter. In addition, it will be available for ad-hoc charter and tour operator charter work.

The aircraft will be delivered fully refitted with 168 all-leather seats offering a minimum 31 inch seat pitch. Half of the aircraft will be configured with variable geometry seats which can be converted at the touch of a button from six seats abreast to four seats abreast with a drop down central table. Kiernan comments: "We have the same variable geometry seats on our Boeing 757 aircraft and the versatility of seating configurations has been a real hit with customers. The aircraft will also be equipped with drop-down in-flight entertainment screens at approximately three row intervals."