Plans for a ‘new and improved’ Flybe to start flights in summer

“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 nine million passengers a year before it hit financial problems 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 previously which was renamed FBE Realisations 2021 Limited (in Administration).

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.”

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 since it began flying out of Exeter in mid-2020.