The company's receivers announced that the brand and remaining assets had been sold to Thyme Opco, a subsidiary of Cyrus Capital fund, which had participated in a rescue plan for Flybe in 2019. The company would restart as a regional carrier, for the moment only in Great Britain.
Like a phoenix, Flybe company is likely to reborn from its ashes. Eight month after the British regional company has stopped its activities at the beginning of march 2020, wrapped up in the early stages of the airline crisis following the Covid-19 pandemic, the receivers announced that Flybe's remaining brand and assets had been sold to Thyme Opco, an investor affiliated with the Cyrus Capital investment fund that participated in Virgin Atlantic's rescue attempt of Flybe in 2019.
8 millions of passengers, 81 airports
The company, which has for the moment no more planes, could reboot by the very beginning of 2021. The fate of the air transport license, which was revoked upon cessation of activities, has yet to be decided by the CAA (Civil Aviation Authority). At the top of its activities, Flybe’s operated from and to 81 airports in Europe and transported about 8 millions of passengers. In 2019, it had been the subject of a takeover project by a consortium comprising Virgin Atlantic, Stobart and Cyrus Capital, but this project had collapsed at the start of the coronavirus crisis, leaving 2,000 employees on the sidelines. “Although we are planning to reboot with a smaller size than in the past, we hope to be able to create jobs in the airline industry, to restore regional connectivity in Great Britain and to contribute to the rebirth of a vital part of the economy of the country”, has declared a Thyme Opco spokesman.