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How private jet businesses are dealing with the Brexit fallout

Will Brexit hurt private jet business?

Private aviation businesses have remained resolute despite the uncertainty surrounding the U.K's decision to leave the European Union, with two industry insiders detailing to CNBC how their firms will deal with the impacts that a so-called Brexit could cause.

"London has been a business hub for three or four hundred years, so its importance is not just going to go away," VistaJet Founder and Chairman Thomas Flohr told CNBC.

The effects of the referendum had an obvious and instant effect on aviation when larger carriers easyJet, Lufthansa and IAG all suffered double-digit falls in share value. That was seen as a reflection of weaker U.K. demand and a concern over the existing "open skies" agreement which allows unlimited access to airlines across the continent.

However, it was equally unclear for private aviation with concerns arising over access, increased taxes and additional red tape.

VistaJet provides fixed price seat access on its fleet of more than 50 Bombardier private jets.

Thomas Flohr told CNBC that he flew to London the day after the vote to assure his U.K. team that the London location will remain important.

"We have put in place an internally dedicated Brexit team to look at every aspect and to communicate with the different constituencies to make sure we are well prepared for what exactly will be coming," he said.

Flohr said if forced to move his firm's hub to continental Europe it wouldn't have any negative impact on how VistaJet is perceived.

"I think the brand will continue to be what it is whether we are landing in Paris, Frankfurt New York or London," he said.

Flohr told CNBC that revenues in his business were currently "booming" as companies are presently reluctant to put a $50 million plane on their own balance sheet.

A Netjets Inc. sign stands hear a new Embraer Phenom 300 jet at Eppley Airfield in Omaha, Nebraska, U.S.
Daniel Acker | Bloomberg | Getty Images

Warren Buffet's subsidiary NetJets is another private jet company reviewing the effect of Brexit.

Marine Beveridge, executive director of NetJets in Europe, told CNBC that at this point it was difficult to gauge the impact and was keeping calm.

"We are seeing at the moment a very healthy amount of flight volume. In fact, surprisingly, during June we had one of our strongest months of sales during the year," she said.

"We recognize London will always remain a very important market for NetJets Europe but it is not the only one, we have other potential growth coming from other parts of Europe," she added.

Beveridge said the nature of NetJets' operation meant that if a large number of clients were to leave London it may not make much of a difference.

"It is important in the sense that many of our clients are here, so we will do several thousand flights in and out of London a year, but we don't have to be here. We can be in Frankfurt, we can be in Paris," she said.