Regional airline Flybe will be sold to a firm affiliated with investment adviser Cyrus Capital and may start flying again from 2021, its joint administrators said on Monday October 19, months after the British firm became one of the first pandemic casualties.
A plunge in demand for air travel since the start of this year due to the coronavirus crisis pushed Flybe into administration in March and put approximately 2,400 jobs at risk.
Flybe, which was the largest independent regional airline in Europe, operated between 81 airports and was owned by Virgin Atlantic, Stobart Group and Cyrus Capital.
EY, the administrators of the collapsed firm, said that it has agreed to a sale of Flybe's business and assets, including the brand, intellectual property, stock and equipment, to Thyme Opco Ltd.
Planning "To Start Off Smaller Than Before"
"While we plan to start off smaller than before, we expect to create valuable airline industry jobs, restore essential regional connectivity in the UK," a Thyme Opco spokesperson said.
The deal is expected to allow Flybe to restart operations as a regional airline in the UK under the Flybe brand in early 2021, the joint administrators said, adding that the transaction is still subject to certain confidential conditions.
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