FLYBE planes could be seen taking off from UK airports again by early next year after administrators said they had agreed a rescue deal for the collapsed airline.
Joint administrators of Flybe agreed to the sale of Flybe’s business and assets, including the brand, intellectual property, stock and equipment to Thyme Opco Limited, a company affiliated with investment adviser Cyrus Capital.
Thyme Opco said it plans to restart the airline, although on a smaller scale than before. The new owners are linked to Cyrus Capital, which was part of a Virgin Atlantic-led rescue attempt for the airline last year.
The two companies teamed up with Stobart Group to try to keep the company afloat in a deal in February 2019. It has now reached a deal alone with the administrators, which should see the purple planes taking to the air again.
READ MORE: Scots 'lifeline' airline Loganair 'no option' but to cut jobs
“We are extremely excited about the opportunity to relaunch Flybe,” said a spokesperson for Thyme Opco. “The airline is not only a well-known UK brand, it was also the largest regional air carrier in the EU, so 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.”
Having struggled for years, Flybe was pushed into administration earlier this year as the Covid-19 pandemic impacted large parts of the travel market. Even before the pandemic started, in January the airline had narrowly avoided administration.
The collapse of Europe’s largest regional airline put thousands of jobs on the line in March. It is unclear how many jobs will be rescued under Thyme Opco’s new plans.
Glasgow-based Loganair stepped in to take over a number of Flybe routes including Aberdeen to Belfast and Manchester, Loganair stepped in to take a number of routes including from Aberdeen, Glasgow and Edinburgh to airports such as Birmingham, Southampton and Manchester.
Simon Edel, of EY, said “the upcoming completion of this sale, will be great news to communities around the country that were previously served by Flybe", adding: “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.”
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