REGIONAL airline Flybe looks set to rise phoenix-like from the ashes having been brought out of administration by a former shareholder.
Flybe collapsed back on March 5 with the loss of over 2,000 jobs just as the pandemic kicked off.
A company controlled by hedge fund executive Lucien Farrell will buy the regional carrier, which means operations may as soon as next year.
Lucien Farrell runs New York hedge fund Cyrus Capital’s operations in Europe. Cyrus was a shareholder of Flybe, along with Sir Richard Branson’s Virgin Atlantic, before its collapse.
The new airline plans to start off smaller than before, its new owner Thyme Opco said, without releasing further details.
It will buy Flybe’s business and assets, including its brand, intellectual property, stock and equipment.
A spokesman said it was "extremely excited" about relaunching the regional airline.
Simon Edel, who works for Flybe’s administrators EY, said the announcement would welcomed by communities around 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,’ he said.
While the transaction is still subject to certain confidential conditions, the deal is expected to allow the Flybe business to relaunch operations as a regional airline in the UK under the Flybe brand in early 2021.