The industry’s landscape has experienced seismic changes in the eight months since this regional carrier collapsed. Thomas Haynes considers what form a ‘Flybe 2.0’ could assume when relaunched
Once the UK’s third largest airline, Flybe’s failure in early March came at a time when European airlines were just beginning to face up to the realities of operating in a COVID-19 era.
But in a dramatic turn of events, Flybe is looking to restart operations next year after a former shareholder stepped in to buy the airline out of administration. The firm – which collapsed because investors decided against a further injection of cash – has been purchased by Thyme Opco, a company affiliated with investment advisor and former Flybe shareholder, Cyrus Capital.
Before the carrier’s untimely end, Cyrus Capital owned 40% of it, with Virgin Atlantic and Stobart Group each holding 30%. The group took over control of the business in early 2019 and is reported to have invested £100m to keep it afloat prior to its rather messy demise.
Phoenix rising
The news that the airline could relaunch as early as next year came as a welcome surprise to many, but with several hurdles to jump before then, it will likely emerge unrecognisable from its former self.
