Who owns Flybe and why did it go into administration?

FLYBE collapsed into administration today after rescue talks to save the struggling airline failed to result in a deal.

But who owns Europe's largest regional airline, and why did it go into administration?

Who owns Flybe?

The Exeter-based carrier was bought by a consortium consisting of Virgin Atlantic, Stobart Group and Cyrus Capital in February 2019 following poor financial results.

The consortium, known as Connect Airways, paid just £2.2million for Flybe's assets but pledged to pump tens of millions of pounds into the loss-making airline to turn it around.

About 2,000 people were employed by the airline at the time of its collapse.

Why was Flybe in trouble?

The airline confirmed it had ceased trading with immediate effect in the early hours of this morning, March 5.

Flybe had been hit by a series of problems, including falling demand, rising fuel costs and the weakening of the pound.

A drop in demand for flights caused by coronavirus fears then "made a difficult situation worse" for the budget airline, a source reportedly told PA.

Discussions had been held with the Department for Business, Energy and Industrial Strategy (BEIS) and the Department for Transport (DfT) to see whether they could provide or facilitate emergency financing.

A "rescue package" would have involved a cut to air passenger duty on domestic flights in a bid to save the airline.

The collapse of Flybe marks the second UK airline to fail in four months, following the demise of Thomas Cook.

What did Flybe say about its collapse?

Chief executive Mark Anderson said the company had made "every possible attempt" to avoid collapse but had been "unable to overcome significant funding challenges".

He added: "The UK has lost one of its greatest regional assets.

"Flybe has been a key part of the UK aviation industry for four decades, connecting regional communities, people and businesses across the entire nation."

What happens now if I have a Flybe flight booked or I'm already on holiday?

All Flybe flights and those operated by sister airline Stobart Air have been cancelled as a result.

When now-defunct airlines including Thomas Cook and Monarch collapsed, the Civil Aviation Authority (CAA) launched repatriation operations to bring stranded customers home.

Flybe has yet to announce if this will happen, or how many passengers are currently stuck on holiday although this is likely to be in the tens of thousands.

Check out our guide for everything you need to know about your next steps as a traveller.

When was Flybe founded and where did it fly to?

The airline began as Jersey European Airways in 1979, operating regional flights from Jersey.

Its route network grew and it was re-branded British European in 2000, before becoming Flybe in 2002.

It flew to France, Germany, Ireland, Italy, Luxembourg, Netherlands and Switzerland, as well as the Isle of May, Guernsey and Jersey.

Source: Read Full Article