Griffin Global Announces Deal for 2 737-8s with TUI Group

A TUI Airways Boeing 737-8 in flight.
Alan Wilson from Stilton, Peterborough, Cambs, UK, CC BY-SA 2.0 , via Wikimedia Commons

LONDON – Dublin based Griffin Global Asset Management has this week announced a purchase and leaseback deal with new client TUI Group.

The partnerships first endeavour is a deal for two Boeing 737-8 aircraft are forecast to be delivered in two parts, one this month and the second set to be delivered later during the first quarter of 2023. 

“Griffin is excited to have TUI as a new customer,” said Eric Hild, Senior Vice President of Marketing at Griffin.  

“We are looking forward to building a long-term relationship with TUI and advancing their sustainability goals with one of the most modern and environmentally progressive aircraft available in the market,” he added.

Formerly known as Thomson, TUI underwent a name change and re-brand during the summer of 2017. They are considered a European giant when it comes to providing both package holiday deals and flights to tourists around the world, serving approximately 180 regions.

TUI is a regular customer of the American aircraft manufacturer, its routes are serviced by predominantly Boeing aircraft, unless picking up some short-term leases on other jets to help it deal with summer demand. 

TUI fly Belgium, one of the groups European subsidiaries, does operate a handful of Embraer short haul aircraft.

“We are very pleased to have started our relationship with Griffin through these financing transactions with deliveries in time for the peak summer season,” said Patricia Verheijen, Head of Fleet Finance at TUI Group.

Increased Sustainability

All airlines have tight sustainability objectives at present, to both help their ‘reduced carbon’ credentials but also amid the spiralling costs of aviation fuel.

The acquisition of the two 737’s will help maintain TUI’s reputation as one of the most economical airlines in operation.

“These two Boeing 737-8s are an important addition to our fleet, characterized by considerably lower fuel consumption and noise emissions than the airplanes that they replace.”

“This contributes to our aim to reduce the environmental impact of holidays and to maintain our top ranking among the world’s most carbon-efficient airlines,” continued Verheijen. 

Griffin Global Asset Management works closely with airlines to offer alternative asset management and commercial aircraft leasing solutions. Their client base currently includes; ITA Airways, flyDubai, SAS Airways and Viva Aerobus to name a few. 

“These new 737-8s will further enhance TUI’s ability to offer the highest quality customer service in the leisure market by providing high levels of passenger comfort, significantly reduced fuel consumption, and longer-range capability,” Hild concluded.

Griffin are doing a roaring trade

It has proved to be a busy month for Griffin Global who also penned similar a deal with ITA airways for two Airbus A350-900 aircraft, and also delivered on commitments to furnish Dubai’s low-cost airline flydubai with two 737 MAX jets.

For further information on the support Griffin Global has providing to the worlds airlines this January, see Aviation Source News coverage of both of the aforementioned deals here:

By Jamie Stokes 4 Min Read
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