Outrigger Hotels and Resorts

Published on Thursday, April 15, 2021

Flybe plans summer restart

Collapsed regional carrier Flybe has been officially revived and is plotting a re-launch in the summer.

The Joint Administrators of the company have announced the completion of the sale of Flybe's business and assets to a new company affiliated with investment firm Cyrus Capital.

The new company previously known as Thyme Opco Limited, will now be renamed Flybe Limited.

It marks the successful completion of the asset purchase agreement, which was signed on 19 October 2020, and includes the transfer of Flybe jobs, as well as assets and other parts of the business to the buyer.

Simon Edel, Joint Administrator and EY-Parthenon Turnaround and Restructuring Strategy (TRS) 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."

The Joint Administrators were appointed on 5 March 2020 .

Pre-Covid regional carrier Flybe handled around eight million passengers a year between 81 airports across the UK and the rest of Europe.

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 reliable, and customer-focused airline."

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