Scaled down airline

Flybe ready to take flight after rescue deal

Flybe contributed

Flying again: the airline will be smaller

Flybe administrators said they have agreed a rescue deal for the collapsed airline.

Thyme Opco, which is linked to Cyprus Capital, has bought Flybe’s remaining assets and plans to restart the airline, although on a smaller scale than before.

Cyrus Capital was part of a Virgin Atlantic-led rescue attempt for the airline last year.

It is unclear how many jobs will be rescued under Thyme Opco’s plans, but Simon Edel, an administrator at EY, said: “Today’s announcement, and the upcoming completion of this sale, will be great news to communities around the country that were previously served by Flybe.”

Flybe was pushed into administration earlier this year as the Covid-19 pandemic destroyed large parts of the travel market.

Even before the pandemic started, in January the airline had narrowly avoided administration.

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