• COVID-19 restrictions pushed Flybe into administration in March 2020, putting over 2,400 jobs at risk.
• The acquisition will allow Flybe to restart its operations as a regional airliner in the U.K.

It has been speculated that U.K.-based airline company Flybe will be acquired by Thyme Opco Ltd., a firm which is affiliated to investment adviser Cyrus Capital. If reports are to be believed, the airline company has agreed to sell its operations and assets such as equipment, stock, intellectual property, and brand to Thyme Opco.

For those uninitiated, Flybe is the largest independent regional airline, with operations in over 81 airports across Europe. The company was previously owned by Virgin Atlantic, British aviation, infrastructure, and energy company Stobart Group and Cyrus Capital.

Reportedly, the unexpected outbreak of COVID-19 had resulted in a drop in demand for air travel, pushing Flybe into administration in March 2020 and putting over 2,400 jobs at risk.

Sources with knowledge of the matter stated although the deal is subject to certain conditions, the acquisition will allow Flybe to restart its operations as a regional airliner in the United Kingdom and is expected to resume operations in 2021.

In this context, a spokesperson from Thyme Opco was reported saying that the firm is planning to start off smaller as compared to before. He added that Thyme Opco intends to develop valuable jobs in the airline vertical and restore the regional connectivity in the United Kingdom.

In other news, Hong Kong-based airline company Cathay Pacific Airways has reportedly announced that it would cut around 8,500 jobs amidst the plunge in air travel due to the coronavirus pandemic. Sources close to the matter stated that the company will also shut down its regional airline unit Cathay Dragon.

Source Credits –

https://www.dailymail.co.uk/news/article-8855633/Flybe-planes-set-fly-new-owners-agree-rescue-deal.html