British airline Flybe, which collapsed last year, will be relaunched this year following the completion of a sale of the company.
The joint administrators of the company previously known as Flybe Limited, now FBE Realisations 2021 Limited (in administration), Simon Edel, Alan Hudson, Joanne Robinson and Lucy Winterborne of EY's Turnaround and Restructuring Strategy team, who were appointed on March 5, 2020, have completed the sale of Flybe's business and assets to a new company that is affiliated with investment adviser Cyrus Capital.
The new company, which was previously called Thyme Opco Limited, will now be renamed Flybe Limited.
The above announcement marks the successful completion of the asset purchase agreement, which was signed on October 19, 2020, and includes the transfer of Flybe jobs as well as assets and other parts of the business to the buyer.
Joint Administrator Statement
Edel stated, "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."
Flybe Limited Spokesperson Statement
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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