Paramount is established as a charter carrier at Bristol in January 1987. Christopher Parker is chairman with Roy Steptoe as managing director. The first two of four leased McDonnell Douglas MD-83s (the first airline to place that aircraft on the U. K. civil register) are delivered in April, the same month in which the company receives a government license to operate charter services. The new carrier, by fall, has sold 90% of its capacity to major British tour operators for the following summer.
Chairman Parker’s nonscheduled passenger carrier inaugurates 32 roundtrip weekly charter and inclusive-tour flights in the spring of 1988 to various European destinations. During the fall, the company enters into takeover discussions with the bankrupt U. S. charter operator Sun-world International Airways; when these fail, the American concern ceases operations in November. At the end of the year, Amber Airways, Ltd. is purchased and merged. Two Boeing 737-277s, leased from Ansett Worldwide, are acquired as part of the deal.
When the British holiday and vacation travel market suffers a big downturn in 1989, Paramount encounters significant financial difficulty. Despite an attempt to rescue the carrier and infuse it with the additional capital required to allow its participation in the winter holiday tour season, Paramount’s viability cannot be maintained—the British charter market is, in the face of recession, just too weak.
Operations cease on November 2 and 130 employees are immediately laid off. The remaining 40 staffers are released on December 1 when the wet lease on its last B-737-277 expires. The company is liquidated near Christmas.
World History
