Flybe enters administration

Thu, 05 Mar 2020 | ADMINISTRATION

UK airline Flybe has gone into administration after it failed to secure financial support amid impact on air travel demand from the coronavirus outbreak.

Alan Hudson, Joanne Robinson, Simon Edel and Lucy Winterborne of the restructuring team at EY have been appointed as joint administrators of the company, with their priorities to support employees and liaise with the Civil Aviation Authority (CAA) to advise customers.

Passengers are advised not to travel to their airport, unless they have booked alternative arrangements.

Flybe is headquarted in Essex and flies from many UK regional airports, operating almost 40 per cent of UK domestic flights. It is Europe’s largest independent regional airline, carrying around 8 million passengers per year from 81 airports in the UK and EU, operating 210 routes in 15 countries.

The company employed around 2,400 staff across the UK. According to its most recent accounts, for the year ending 31 March 2018, the group reported revenue of £752.6 million, with EBITDAR of £140 million and reported loss before tax of £9.4 million.

According to those accounts, the company held net assets worth £93.1 million, including property, plant, equipment and intangibles, as well as a fleet of 80 aircraft, of which 27 were owned and 53 held on operating lease.

Flybe is owned by Connect Airways, a consortium comprised of Cyrus Capital (40 per cent), Virgin Atlantic (30 per cent) and Stobart Group (30 per cent). The consortium received EU merger clearance to take control of Flybe’s assets in July 2019.

The new owners said they would invest £30 million to keep the business afloat in January of this year, but a proposed £100 million Government rescue deal was met with a backlash from rivals.

Joint administrator Alan Hudson said: "Despite an agreement with the government to provide assistance to the Company, added pressures on the travel industry in the last few weeks have further deepened the severity of its financial situation. Flybe had already been impacted by rising fuel costs, currency volatility, and market uncertainty."

Share this article

Latest Businesses for Sale

Pest Control Solutions
South East, UK

Offers professional and humane pest control solutions, helping clients throughout the South East maintain pest-free environments. Sources ethical, effective and competitively priced solutions, which meet its clients’ requirements. Offers invited.

Asking Price: Offers Invited
Turnover: £576,745


Catering Company Delivering a Comprehensive Breakfast & Lunch Solution
South of England, UK Wide

Specialist catering company delivering a one-stop breakfast and lunch service including a broad variety of sandwiches baguettes salads pastas hot food pastries snacks and drinks via its own fleet of purpose-built vans. The company operates within a 3...

Asking Price: Offers Invited
Turnover: £1,681,000

Provider of Marine Fire Safety Services
UK Wide

Serving the marine sector the company specialises in the design manufacture supply and installation - in addition to the testing and commissioning - of fixed and portable fire-fighting and fire/gas detection systems. Operating with a highly proficien...

Asking Price: Offers Invited
Turnover: £953,000

View more businesses for sale

News Search

Latest News


Next completes sale and leaseback of head office and warehouses | COMMERCIAL PROPERTY

High street fashion retailer Next Plc has confirmed the succ...


Benchmark Holdings secures sale of veterinary business | BUSINESS SALE

Sheffield-headquartered aquaculture health, nutrition and ge...


TM Lewin to close all UK stores in pre-pack administration | ADMINISTRATION

Shirtmaker TM Lewin will close all 66 of its UK stores as pa...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide


Related News


The Hut Group buys Christophe Robin haircare brand | BUSINESS SALE

British e-commerce firm The Hut Group (THG) has acquired Fre...


Fashion retailer LK Bennett enters administration | ADMINISTRATION

Premium fashion brand LK Bennett has fallen into administrat...


Harvard Technology Limited enters administration | ADMINISTRATION

A lighting company based in Normanton has been forced to eng...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources