Collapsed airline Flybe completes sale in time for summer return

The sale comes just over a year after the company announced its collapse Credit: ITV News

The sale of collapsed airline Flybe has been completed with the company set to make a comeback this summer. 

In a statement, the joint administrators who were brought in following Flybe's demise have confirmed that the assets of the airline have been sold off to a new company affiliated with investment adviser Cyrus Capital.

The sale will also see new owner Thyme Opco change its name to Flybe Limited.

The collapse of the Devon-based airline cost many hundreds of people their jobs and threatened the future of the West Country's airports.

Disruption to the aviation and travel industry brought on by the coronavirus pandemic were partly blamed for the firm's collapse.

It is now hoped that Flybe will return to the skies in time for summer.

All being well, Flybe could be back flying this summer following the sale. Credit: ITV West Country

A spokesperson for the airline said: "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.

"Subject to further success with vaccinations and relaxation of travel restrictions, we plan to launch a new and much improved Flybe some time 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."

Flybe was based at Exeter Airport and also operated out of Cornwall Newquay Airport before it collapsed. Credit: ITV News

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."

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