Collapsed airline Flybe’s assets and business have been bought by a venture capital firm who plan to restore the airline to the skies by this summer. The new owners are linked to Cyrus Capital, who along with Virgin Atlantic and Stobart Group had purchased the troubled airline a year before it folded in March 2020.
Thyme Opco, who will be renamed Flybe Limited, have purchased the airline’s stock, equipment and intellectual property, but will not take on any of the previous company’s debt, said to be more than £100m.
A Flybe Limited spokesman said: “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.”
It is unclear how many jobs will be restored; before its collapse last year the Exeter-based airline was Europe’s largest regional carrier, with around 8m passengers a year. The collapse led to the loss of 2,400 jobs. Eastern Airways and Loganair have since replaced many of its routes.