As per Virgin Atlantic's annual report, the consortium can't yet exercise any control over Flybe until regulatory approval is granted:
In February 2019 Connect Airways acquired Flybe Limited (Flybe’s main trading company, including Flybe Aviation Services Limited) and Flybe.com Limited for consideration of £2.8m. As a part of the deal, the shareholders of Connect Airways (“the Consortium”) have committed to providing funding to Flybe Limited of up to £135m, of which the Virgin Atlantic Group has committed up to £41m. The committed funding from the Consortium to Flybe is secured on certain fleet assets of Flybe Limited. The deal is subject to regulatory approval, and therefore the Consortium will only obtain joint control of Flybe Limited after such approval has been granted; this is the point at which the Group will be able to be able to exercise joint control of the entity’s financial and operating policies and begin to consolidate its relevant share of earnings of Flybe Limited under the equity method.