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A new airline has launched across Europe as the industry faces bankruptcies and job losses.

Jet Republic, a private jet company, has launched with a brand new fleet of 110 Learjets with the aim of "redefining the private jet business".

Headquartered in Lisbon, Portugal, Jet Republic will serve the UK, Western Europe and Russia.

According to the company, Jet Republic has been able to secure "substantial" financial backing from Austrian private bank Euram Bank and a consortium of its clients, despite the credit crunch.

Jonathan Breeze, chief executive of Jet Republic, said: "Despite the current economic climate, the private jet market is enjoying strong growth.

"This, coupled with the fact that we believe there is significant room for improvement in the level of service provided by the private jet aviation sector, means there is a very strong and real opportunity for us to take a significant share of this market."

Although the budget end of the market is being squeezed by lower demand and high jet fuel costs, luxury business travel is set to grow, according to Jet Republic.

"The worldwide business jet fleet is set for substantial growth over the next ten years and Europe's share of this is set to grow from 13 per cent to 25 per cent," the airline said.

Jet Republic customers will be able to use their BlackBerrys at 51,000 ft on the seven seater aircraft, while enjoying fresh espressos served by multilingual flight attendants and watching iPod video through the cabin system.