Ultra-budget airline Ryanair is launching a high-class corporate jet service

(Francois Lenoir - Reuters)

When you think about Ryanair, the word "luxury" doesn't spring to mind.

After all, it's one of Europe's largest budget airlines and prides itself on being a "no-frills" carrier where the cost of ticket includes minimal service. For example, you pay extra to eat or drink on board and even to check in bags. 

So, one thing you definitely don't associate with Ryanair is "high class private jets."

But that's all set to change, as the airline is launching a chartered corporate jet hire service.

Ryanair spokesman Robin Kiely said in a statement that the company was excited to get into the corporate market, saying the jets would be "newly customised Boeing 737-700, seating up to 60 passengers, on business class, reclining, leather seats, crewed by Ryanair’s industry leading pilot and cabin crew professionals."

He added that those jets would be available for "private charter."

The spruced up planes would include "fine dining" and is being aimed at companies, sports teams and governments. The planes can be hired for destinations "up to six hours away." However, the rental price was not divulged. 

Ryanair has spent the last two years moving away from its ultra-low budget image, in a strategy known as "Always Getting Better." It seems to have worked as the company attracted more than 100 million customers for the first time ever in 2015.

Ryanair's share prices spiked slightly upon hearing the news, before settling at €13.47 (£10.39; $14.75), up from €10.71 (£8.26; $11.73) a year ago.

(Matthew Nitch Smith - Business Insider)