Wed, 22 Mar 2023 | ADMINISTRATION
Hilco Streambank has been appointed to sell the Flybe brand, following the collapse of the business into administration in January this year.
Flybe, the regional airline previously based at Exeter Airport, has been unable to find a buyer after plunging into administration for a second time. Interpath Advisory, the administrator for Flybe, has announced that it will begin winding down the business and identifying options for the sale of rights, interests, and assets.
It is understood that the specific assets Hilco Streambank is selling include the Flybe brand, its trademarks, domain name and website content, and its social media accounts. Expressions of interest must be made before Tuesday, 11th April, 2023.
Despite initial speculation that airline groups Lufthansa and Air France-KLM were in talks with the administrators to buy Flybe, a buyer could not be found. David Pike, managing director at Interpath and joint administrator of Flybe, explained the challenges the company faced in finding a buyer: "Unfortunately, there was a challenging set of circumstances at play, including the use-it-or-lose-it rules related to slots, complexities with European recognition of a potential Temporary Operating Licence and the high costs associated with preserving the company's operating platform, which meant there was a limited window in which a clear path forward could be set."
On January 28, Interpath announced that 277 of Flybe's 321 staff would be made redundant. The administrator has now confirmed that "a further 25 employees have been made redundant with immediate effect".
Flybe had previously fallen into administration in March 2020, resulting in the loss of 2,400 jobs as the Covid-19 pandemic devastated the travel market. The airline was later sold out of administration to Cyrus Capital, but they were unable to return the business to profitability. Flybe had been known for flying more UK domestic routes between airports outside London than any other airline. After a 12-month hiatus, flights resumed with the airline based at Birmingham Airport. It is a sad end for a company that had such a strong presence in the UK aviation industry.
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