Flybe sold for £2.2m in cut-price deal

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Flybe has struggled to make a profit since floating in 2010 Flybe has struggled to make a profit since floating in 2010Phil Noble/Reuters

The struggling regional airline Flybe has agreed to be taken over for £2.2 million by a consortium comprising Virgin Atlantic, Stobart Group and the US hedge fund Cyrus Capital Partners.

The offer values the carrier at 1p a share, a 94 per cent discount to company’s closing share price of 16.38p last night when it was valued at £35.6 million.

Flybe put itself up for sale after another profit warning in October, blaming a mix of currency volatility, rising fuel costs and Brexit uncertainty.

The airline, founded in 1979, carries 9.5 million passengers a year on 78 regional 80-seat aircraft, mainly turboprops, and employs 2,300 people. It flies to more than 30 British airports. In 1983 it was bought by the late steel magnate and…

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  • Aviation
  • Transport
  • Media
  • Brexit