The budget seat-only operator set up by former Avro boss Paul Dendle is to run flights from Southampton to Greece.
The self-proclaimed travel entrepreneur, who sold a majority stake in Avro to Monarch Airlines in 1991, is to operate peak summer flights to Skiathos in 2018 using a Flybe aircraft.
His Flylolo business is marketing winter peak season flights from Gatwick, Glasgow and Manchester to Tenerife and Gatwick to Arrecife in Lanzarote using Spanish carrier Air Europa.
A previous plan to operate a summer series of flights from Bournemouth airport to Skiathos last year was pulled just two months after being announced after the airline planning to provide the service withdrew from the operation.
The company has secured an Atol for financial protection and provides scheduled flight insurance against airline failure.
Starting July 2018, it will be the first time that Southampton airport has offered a direct route to Greece.
Flights will run from July 3 until October 2 using a Flybe Embraer 195 regional jet.
Prices for adults will lead in at £259 per person and children will receive a £25 discount when booked to fly with an adult.
Flylolo is specialising in extra capacity for school holidays at a lower price than the no frills airlines from London airports. Its mission statement is to offer reasonably price seats in the school term.
Dendle said: “Flylolo is really pleased, and proud, to be the first operator to fly to Greece from Southampton airport.
“We see an excellent future for Southampton as an alternative for London, and with the direct rail link, it makes it a fantastic option for passengers from the south east of England.
“Southampton airport offers a blend of easy, fast and friendly when compared to other airports.
“With the added value of us providing Atol protected flights with Flybe, child discounts, and no credit card charges, we believe we have a winning combination.”
Airport managing director Dave Lees, said: “Flights to Skiathos can be difficult to find, even when travelling to London, so we are delighted to be able to offer this beautiful destination to the south coast. We wish FlyLolo all the best for their new route.”