Flybe: Administrators unable to find buyer after collapse

Administrators person been incapable to find a purchaser for troubled hose Flybe, contempt last-ditch talks.

The fund relation had seen flights grounded since falling into bankruptcy for the 2nd clip successful 3 years astatine the extremity of past month.

There had been speculation Lufthansa and Air France-KLM were successful talks with administrators to instrumentality implicit the firm.

However, Birmingham-based Flybe said discussions had ended without a caller woody being agreed.

It said it would commencement winding-down the business, with administrators adding a further 25 employees would beryllium made redundant immediately.

They are connected apical of the 277 of Flybe's 321 unit members whose redundancies were antecedently confirmed by associated administrators Interpath Advisory.

"Over the past 2 and a fractional weeks, we've held intensive discussions with a fig of operators with a presumption to rescuing the hose and preserving the worth successful its assets," David Pike, managing manager astatine Interpath said.

"However, it is with regret that discussions person present been brought to a adjacent without a woody being agreed."

Despite involvement from a fig of credible parties, administrators said challenging circumstances, complexities and precocious costs associated with the company's operating level meant a suitable purchaser could not beryllium found.

"We'd similar to convey a fig of stakeholders, including the Civil Aviation Authority (CAA) and the company's lessors, who gave america the clip and enactment we needed to guarantee we were capable to research each disposable avenue to rescue the business," they added.

Administrators said they would proceed to supply enactment to each employees affected, adding they were grateful to organisations crossed the aviation manufacture which had offered to enactment them successful uncovering caller roles.

Flybe was archetypal pushed into medication successful March 2020 with the nonaccomplishment of 2,400 jobs arsenic the Covid-19 pandemic destroyed ample parts of the question sector.

Its concern and assets were purchased successful April 2021 by Thyme Opco, linked to US hedge money Cyrus Capital.

Flights resumed 12 months later, with the hose based astatine Birmingham Airport.