Siobhan Creaton, the former Finance Correspondent of the Irish Times newspaper, did a stellar job in writing this book. Very well researched, detailed and fast paced, this story is about the bumpy but enormously successful journey of an Irish low-budget, cut-throat airline who beat the odds to become one of the most profitable airlines in Europe.
Tony Ryan, a wealthy Irish businessman who originally worked for Ireland's national carrier Aer Lingus, founded Ryanair in 1986. He had a vision of a low-budget, no-frills airline: "If people want a cut of tea or coffee, let them pay for it. If they want to buy tickets let them stand". During its first few years of operation, the company recorded heavy losses and was on the brink of bankruptcy in the late 1980s.
In 1988, Ryan hired Michael O'Leary, a confident 27 year old accountant and school friend of Ryan's sons Cathal and Declan. Sceptical about the airline at first, O'Leary later took on a heavier workload and became more interested in all aspects of the business, after Ryan agreed to his proposal "If I make 2 million pounds will you give me 10 per cent?". O'Leary went about aggressively cutting costs and in 1994 became chief executive.
In the mid to late 90s, Ryanair was turned around to become very profitable and a major player in Irish aviation. By this time, O'Leary was fantastically rich. He continued heavy cost-cutting and expanded Ryanair's routes all over Europe. His business model was based on Herb Kelleher's Southwest Airlines, a widely successful low budget in the US.
Creaton gives countless examples of Ryanair's careless treatment of customers, O'Leary's rude and aggressive management style and the airline's horrible treatment of its own staff. Numerous times the Irish carrier has made headlines for not helping disabled passengers board a plane or charging them for using a wheelchair. When ice suppliers bumped up prices, O'Leary refused to pay the higher cost and the airline simply stopped serving ice with drinks for some time before a deal was eventually made. When asked about how Ryanair deals with customers seeking a refund on their tickets, O'Leary once replied "We don't fall over ourselves if they say 'My granny fell ill'. What part of 'No Refund' don't you understand? You are not getting a refund so fuck off".
Given all Ryanair's flaws, reading about the airline's successes made me appreciate just how much the company has revolutionised aviation in the UK and other parts of Europe. These days many flights are offered free - travellers only need to pay the airport tax (usually around 20 pounds for a return flight) - an amazing feat for an airline that in the early 1990s was in danger of folding.
Siobhan Creaton has written a fantastic book - an exciting, insightful and inspirational business story.
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