A company controlled by Lucien Farrell, head of hedge funds, will buy the regional operator, which could restart operations as early as next year
The airline plans to « start smaller than before, » new owner Thyme Opco said, without giving further details
It will purchase Flybe’s business and assets, including its brand, intellectual property, inventory and equipment
« The airline is not only a well-known UK brand, it was also the largest regional air carrier in the EU, so although we plan to start smaller than before we plan to create valuable jobs in the airline industry, restore essential regional connectivity in the UK and help revive a vital part of the country’s economy «
Simon Edel, who works for the directors of Flybe EY, said the announcement would be welcomed by communities across the country previously served by Flybe
« The restart of this iconic brand, which was once Europe’s largest regional airline, will provide a potentially significant boost to aviation jobs, regional connectivity and local economies »
M Farrell runs New York hedge fund Cyrus Capital operations in Europe Cyrus was a shareholder in Flybe, along with Sir Richard Branson’s Virgin Atlantic, before its collapse
Thyme Opco is 51% owned by a company called Thyme Investco, which itself is 51% owned by M Farrell, giving him overall control of the votes, according to documents filed with Companies House
Cyrus Capital manages $ 4 billion (£ 3 1 billion) of investor money and owns a stake in Co-Op Bank in the UK
Value of Flybe sale not disclosed Deal must clear regulatory hurdles before finalizing
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Flybe
News from around the world – GB – Flybe will leave after the purchase of the brand by its shareholder
