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19 October 2020
After hearing on Saturday that talks were underway about possibly reviving the collapsed regional airline, EY have now agreed to the sale of Flybe’s assets and business, to shareholder, Thyme Opco.
The amount sold for is undisclosed but the deal includes the sale of the brand, intellectual property, stock and equipment.
In a statement, EY said: “While the transaction is still subject to certain confidential conditions, the deal is expected to allow the Flybe business to restart operations as a regional airline in the UK under the Flybe brand in early 2021.”
Administrators will work will Thyme Opco, Flybe management and the UK Civil Aviation Authority to prepare to relaunch the airlines operations next year. A leaner organisation, focussing on the most profitable routes is expected.
Flybe was one of the first major corporate casualties of the coronavirus crisis in the UK.
17 October 2020
Cyrus Capital, a shareholder in Flybe, is in talks with administrators, EY, about possibly reviving the collapsed regional airline.
Its heard that the hedge fund is behind a plot to reacquire some of Flybe’s assets. It wants to relaunch a smaller version of the airline next year, though the precise timetable would be subject to a recovery in passenger demand and the end of quarantine measures brought by coronavirus.
More than a dozen of Flybe’s routes have been taken on by Loganair, but many are still unfilled.
No more details regarding Cyrus Capital’s plans to revive the airline, are uncovered yet.