THE stock market flotation of Jack Walker's airline business - which will net another fortune for the tycoon - could be cleared for take off soon.

Jersey European Airways was due to go public last summer but a collapse in the stock market led to it being shelved.

Now the market has recovered bosses are again looking at the flotation could value the firm at as much as £100 million.

"The plans were basically put on the back burner last year because of the uncertainty in the stock market," said a spokesman for the firm.

"We're now just keeping an eye on things. Everything is still in place from last year and when the time is right the firm will look at the flotation again."

Although no firm date has been fixed it is believed it could happen as early as late Spring. Jack uses the airline on his regular trips from his Jersey home to Lancashire. The flotation would realise a paper profit on original investment in the airline of tens of millions of pounds.

Only two years ago the airline was valued at £40 million when the Sunday Times list of UK's richest people estimated Jack's fortune at £500 million. The airline, which was taken over 16 years ago, has grown to be one of the biggest in the UK with a fleet of 22 aircraft carrying more than 1.5 million passengers a year.

The airline was launched in 1979 and in 1983 was taken over by the Walkersteel Group, which already owned Blackpool-based charter airline Spacegrand, in a seven figure deal. The two airlines ran separately for a time until they were combined within the Walker Aviation group in 1985.

JEA flies to 15 UK and four European destinations and profits before tax for the 1996/97 financial year were £3.4 million on a turnover of almost £95 million. In a statement issued by the firm, of which Jack Walker is chairman, said the flotation would help plans for further expansion.

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