Two airlines go down in flames and still their bankrupt boss is driving a Bentley

While thousands of passengers stranded by the collapse of travel giant XL Leisure were trying desperately to get back home last night, the firm’s bankrupt former boss was living a life of luxury with a Bentley parked in his drive.

Peter Owen, 61, who lives with his wife Ruth in a substantial £1million detached house in West London, was a founder of XL but quit in June citing ‘personal reasons’.

In fact, Mr Owen had been declared bankrupt at Kingston-upon-Thames County Court on May 28 – two days before the business-class airline Silverjet, of which he was chairman, went into administration.

Mr Owen went bankrupt because he owed Silverjet £240,000, according to documents filed at Companies House. When Silverjet was set up, he bought shares but did not pay for them and was allowed to owe the company the cash.

When Silverjet got into trouble, he was asked for the £240,000 as a ‘share capital debtor’ but did not pay up and was declared bankrupt.

Approached near his home, a few minutes’ walk from the Thames and Hampton Court Palace, Mr Jones – whose drive also boasted a black BMW X5, a silver VW Polo and a red Ford Ka – was unrepentant about the plight of the thousands stuck around the world because of XL’s demise.

Asked if he thought he had got off lightly compared with XL’s disappointed holidaymakers, Mr Owen replied: ‘I don’t understand why I am better off than they are.’ He would not accept responsibility for Silverjet’s demise either.

He said: ‘I don’t think you can be blaming any individuals. You know yourself, looking at what the current economic situation is, a number of businesses are finding it a real struggle with fuel prices doubling.

‘For the staff and for everybody, it’s a terrible time for them and my heart goes out to them.’

High life: A Bentley parked outside Peter Owen's home

Asked if he had seen the XL collapse coming, Mr Owen said: ‘No. Nothing like that.

‘We were desperately trying to get the business refinanced and it looked as if we were quite well set to achieve that when I left. I guess the fuel prices made a big difference. But we had made strides from the previous year. It’s a shame how it all turned out.’

XL’s current chief executive Phil Wyatt has done pretty well out of the travel industry, too.

The 45-year-old, who took over as XL chief executive from Mr Owen in May after his previous role as deputy chairman, lives in a magnificent £3.5million mansion.

Hidden away in the West Sussex countryside, it is a 20-minute drive from the Gatwick headquarters of the collapsed holiday firm.

Mr Wyatt made most of his money in the Nineties with low-price charter airline Goldcrest Aviation, where his ruthless under-cutting earned him the nickname ‘Public Enemy No 1’ from his rivals.

The Wyatt estate is protected by electronic gates. The mansion stands at the end of a 400-yard gravel driveway and is set in acres of manicured lawns.

Mr Wyatt, his wife Jacqueline and daughters Emma and Lauren protect their privacy behind 10ft-high wooden fencing and the house is set in dense woodland.

CCTV cameras watch over the outhouses, a large garage for the fleet of family cars and the tennis court in the back garden.

Earlier this year, a lodge house on Mr Wyatt’s estate sold for £875,000.