A UK-based private jet company is slashing prices of its Learjets by $1m (€715,000) as part of a part-ownership buy-back programme, in an attempt to garner interest from cost-focused clients.

Jet Republic is launching the Free to Fly programme, which lets members purchase a brand new Learjet 60 XR in full for a negotiated price of $13.5m compared with $14.6m, as part of a five year buy-back scheme.