Join Airways completes Flybe takeover | Information

A consortium led by Virgin Atlantic and Stobart Air has accomplished the takeover of stricken regional provider Flybe.

Join Airways took management of two Flybe subsidiaries, Flybe Restricted and Restricted, earlier in a deal valued at £2.eight million, or one pence per share.

Hedge fund Cyrus Capital is the third celebration within the consortium.

All Flybe belongings and operations are actually owned by Join Airways and Flybe flights proceed to function as regular, in line with an announcement from the corporate.

Following the completion of the sale, Flybe Group is now a non-trading entity with no subsidiaries and no materials belongings.

The deal closed simply days after it emerged a consortium led by US airline Mesa had tabled a last-minute rescue deal.

The supply, which was rejected by Flybe, would have seen the US provider inject £65 million in new fairness into Flybe at roughly 4.5 pence per share.

Flybe had beforehand said that if the Join Airways deal didn’t full then it must be wound up.

Extra Data

Flybe flies extra UK home flights than every other airline, some 53 per cent of all UK flights inside mainland Britain (excluding London). 

The provider at present operates 190 routes serving 12 international locations from 73 departure factors within the UK and Europe and is the most important scheduled airline by air site visitors actions at Aberdeen, Belfast Metropolis, Birmingham, Cardiff, Doncaster Sheffield, Exeter, Glasgow, Isle of Man, Jersey, Manchester, Newquay and Southampton airports.

Flybe operates a fleet of 76 plane – 54 Bombardier Q400, six Embraer E195, 11 E175 and 5 ATR.

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