Special report: Questions raised on how close Flybe is to taking off again?
Firm which has acquired assets of defunct Flybe intends to fly again but must retain licence first and may not be in South West
01:00, 16 APR 2021
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South West businesses would welcome the return of newly resurrected airline Flybe to the region – but there is no guarantee it will even fly again let alone to the West Country.
4 hours ago
Flybe is preparing to return to the skies this summer after the sale of the assets of the failed airline was completed.
The joint administrators who were brought in following the demise of the regional carrier have confirmed the deal with a new company affiliated with investment adviser Cyrus Capital.
The airline, which had a hub based at Exeter Airport and also operated flights from Cornwall Airport Newquay, went into administration in March last year - with all flights grounded as a result.
The administrators confirmed that a new company, previously known as Thyme Opco, will now be renamed Flybe Limited.
Thursday April 15, 2021, 3:26 PM
The sale of collapsed airline Flybe has been completed with the company set to make a comeback this summer. Credit: ITV
The sale of collapsed airline Flybe has been completed with the company set to make a comeback this summer.
In a statement, 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.
The sale will also see new owner Thyme Opco change its name to Flybe Limited.
The collapse of the airline cost many hundreds of people their jobs.
It is now hoped that Flybe will return to the skies in time for summer.
All being well, Flybe could be back flying this summer following the sale. Credit: ITV West Country
A spokesperson for the airline 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.
Flybe spokesperson
Rumours of collapse had been circulating while the final flights were in the air. Yesterday (Wednesday) an asset purchase agreement, which began in October, was finalised. Under the deal, Thyme Opco will be renamed Flybe Limited. Simon Edel, an administrator at EY, 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.”