The rebirth of Flybe came a step nearer today with the sale of the collapsed carrier’s assets and business.
A new company affiliated with investment adviser Cyrus Capital has made the acquisition and aims to relaunch flights this summer.
The new business previously known as Thyme Opco will now be renamed Flybe Limited.
Cyrus Capital was one of three partners alongside Virgin Atlantic and Southend airport owner Stobart Group that took over Flybe before its demise last March.
The new deal will see the transfer of an unspecified number of Flybe jobs as well as assets and other parts of the business to the buyer.
Flybe carried around eight million passengers a year between 81 airports across the UK and the rest of Europe prior to being placed in administration following Covid-19 industry disruption.
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 as they rebuild after the pandemic and as restrictions ease to allow an increase in air travel.”
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 strong, reliable, and customer-focused airline.
“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.”
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