High hopes that Flybe will be back in the skies
THE Flybe name could take to the skies again this summer after administrators for the failed firm completed the sale of its business and assets to a new company.
Exeter-headquartered Flybe Ltd collapsed in early 2020, but administrators at restructuring firm EY have completed a deal which will also see an unspecified number of jobs transfer to a new company affiliated with investment adviser Cyrus Capital.
The new company, previously known as Thyme Opco Limited, will now be renamed Flybe Ltd, and hopes to start flights this year.
A Flybe spokesman said: “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.”
Flybe employed 2,000 people and flew more than 9 million passengers a year before it hit the skids and failed to gain Government cash to prop it up.
It went into administration in March 2020 and joint administrators at EY were appointed to deal with the company.
In October 2020, they struck a deal with hedge fund company Cyrus Capital, which was one of three partners alongside Virgin Atlantic and Stobart Group that had taken over Flybe before its demise in 2020.
Now that deal has been finalised with completion of the sale of Flybe’s business and assets to a new company affiliated with Cyrus Capital.
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.”
News of Flybe’s rebirth comes as Scottish airline Loganair announced it will start services between Exeter and Norwich in summer 2021. Loganair has stepped in to replace 42 of Flybe’s 46 services now since it began flying out of Exeter in mid-2020.