London --- Now might seem a strange time to get bullish on luxury private jet travel.

But Jonathan Breeze, chief executive of the newly launched Jet Republic, says that even in the current economic climate, there are plenty of wealthy people who've given up commercial airlines and have no intention of going back.

So sure is Breeze of the market for private jet travel that his Portugal-based company has placed the largest European business aircraft order ever, worth $1.5 billion.

The company started flying last summer, using chartered planes, and plans to expand in 2009 with 110 Bombardier Learjets that will travel to more than 1,000 European airports.

Breeze said his customers don't care about being ostentatious.

"This is about people who simply can't work any more hours than they already do, and so they need to travel quickly and conveniently," he said.

Analysts agree that starting a business in a recession --- especially a business focused on one of the first perks likely to be cut by companies --- might seem like a strange idea.