Flybe has agreed a £2.2 million rescue with a consortium headed by Virgin Atlantic and Stobart Group after a credit card processing company withheld cash in case the airline failed.
The takeover, which has been recommended by Flybe’s board, would join the regional airline with Virgin and Stobart, which are part of a consortium alongside Cyrus Capital Partners, the American private equity group.
Flybe, based in Exeter, put itself up for sale after a profit warning in October. The airline carries 9.5 million passengers a year on its 80-seat aircraft, employs 2,300 people and flies to more than 30 British airports. Its origins can be traced to 1979. The company was bought by the late Sir Jack Walker, the steel magnate and Blackburn Rovers owner,…
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