Regional airline, Flybe, is set to be acquired out of administration by Thyme Opco, a company related to hedge fund firm Cyrus Capital for an undisclosed sum.
This could mark the return of Flybe to European skies by the end of next year. The company initially collapsed in the early weeks of the pandemic in March. As a result, more than 2,000 staff lost their jobs.
Administrators, professional services giant, EY has agreed to a sale of Flybe’s business and assets, including the brand, intellectual property, stock and equipment, to Thyme Opco.
EY’s statement 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. Following today’s announcement, the administrators will work together with Thyme Opco, the Flybe management team and the UK Civil Aviation Authority to prepare for the relaunch of Flybe’s airline operations.”
A Thyme Opco spokesperson said: “We are extremely excited about the opportunity to relaunch Flybe. The airline is not only a well-known UK brand, but 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.”