Flybe sale completed more than a year after its collapse

The sale of collapsed regional airline Flybe has been completed – meaning the company is set to fly again with the chance of services resuming in the summer.

George Thorpe www.devonlive.com

In March last year, the airline which had a hub based at Exeter Airport and also operated flights from Cornwall Airport Newquay went into administration with all flights grounded as a result.

Disruption to the aviation and travel industry brought on by the coronavirus pandemic were partly blamed for the firm’s collapse.

However, in a statement released today, the joint administrators who were brought in following Flybe’s demise have confirmed that the assets of the airline have been sold off to a new company affiliated with investment adviser Cyrus Capital.

Along with this, the administrators confirmed that a new company previously known as Thyme Opco Limited will now be renamed “Flybe Limited”.

The completion of the agreement – which was first signed on October 19 – includes the transfer of Flybe jobs as well as assets and other parts of the business.

Speaking about the sale, Flybe Limited said that it is hoping to launch planes into the skies again this summer.

A Flybe Limited spokesperson added: “We are extremely excited to announce the conclusion of almost six months of dedicated hard work by the great team at Flybe, the UK Civil Aviation Authority, the European Commission, and the many others who made this announcement possible.

“Today’s news represents a critical first step in our mission to accomplish the first-ever rescue of an insolvent British airline.

“Subject to further success with vaccinations and relaxation of travel restrictions, we plan to launch a new and much improved Flybe sometime this summer on many of our former routes where there remains a critical need for a strong, reliable, and customer-focused airline.

“While our company will initially be smaller than before, we intend to grow, create valuable jobs, and make significant contributions to essential regional connectivity in the UK and EU.”

Simon Edel, joint administrator and EY-Parthenon Turnaround and Restructuring Strategy Partner said: “Completion of the sale of Flybe is positive news for local communities previously served by Flybe.

“The launch of a new Flybe will enhance regional connectivity across the UK and create new job opportunities within the airline industry.

“Flybe stands to make an important contribution to local economies as they rebuild after the pandemic and as restrictions ease to allow an increase in air travel.”

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