Virgin-led consortium buys Flybe, pledges to improve services
FLYBE'S new owners have pledged more choice to customers across their UK network and improved connectivity to Manchester and Heathrow airports.
Connect Airways- which includes Virgin Atlantic Limited, Stobart Group and Cyrus Capital – have had a cash offer for the struggling airline accepted.
The new owners have confirmed that a £20m. bridge loan will support Flybe's ongoing operating costs, while a further £80m. will be provided to invest in the business and support its growth.
The announcement has come after the airline issued a profit warning last November, stating it expected to lose £22m. last year.
The new owners have pledged to improve the service and connectivity, as well as utilise the Virgin Atlantic brand.
Flybe, which operates in a franchise partnership with Blue Islands, offers services between Guernsey and Jersey, Exeter, Birmingham and Southampton.
