Flybe eyes 2021 restart after sale to Cyrus Capital affiliate
Regional airline Flybe could be back in the air next year as administrators announced a deal with an affiliate of a firm involved in its last financial rescue.
The carrier, which became one of the first business victims of the Covid-19 pandemic, went under in early March, as the collapse in passenger travel scuppered any hope of survival for the already-struggling airline.
Administrators EY on Monday said Flybe’s brand and remaining assets had been sold to Thyme Opco, a company affiliated to Cyrus Capital, which had been part of a Virgin Atlantic-led rescue attempt last year.
The deal could see Flybe restarting as a regional airline in early 2021. Administrators said they would work with the new owners and the UK Civil Aviation Authority to prepare for a return.
"The restart of this iconic brand, which was once Europe’s largest regional airline, will provide a potentially significant boost to aviation jobs, regional connectivity and local economies,” said Simon Edel a joint administrator.
A Thyme Opco spokesperson added: “While we plan to start off smaller than before, we expect to create valuable airline industry jobs, restore essential regional connectivity in the UK and contribute to the recovery of a vital part of the country’s economy.”
Flybe, which flew about 8m passengers a year between 81 airports in the UK and Europe. A consortium of Virgin, Stobar tAir and Cyrus Capital took over the airline in 2019 and promised a fresh cash injection.
Virgin planned to rebrand the airline and integrate it as a feeder for its long-haul routes from Manchester and London.