Originally Posted by
Skipness One Foxtrot
They've got a staggeringly low cost base because they crashed and left a trail of debt.
There are no legacy costs on the balance sheet because they were reneged on.
To say they're a "new market entrant" is untrue, and flybe themselves acknowledge this when they openly talk of "returning to former markets" !
I appreciate that we all have our views around whether what's happened should be permitted or not. Legally its permitted but I agree that morally its questionable, however our laws allow this so we need to challenge politicians for change, not each other. What's done is done and I say this as a shareholder of Flybe Group PLC who lost out a five figure sum when the airline was sold out of the group to Connect Airways leaving a shell company as my investment!
If they have a staggeringly low cost base, then this is because they're a new business that has been able to exploit circumstance to negotiate attractive deals when the industry was struggling. They're a new business, incorporated in 2021 as Thyme OpCo Ltd before changing their name to Flybe Ltd. They have a newly issued AOC, approved by the regulator (CAA) during a time of significant challenge due to the pandemic. I very much doubt that a new AOC will have been issued without the CAA taking a long, hard and detailed look at everything first, especially having witnessed the downfall of the flybe V1.
The brand is returning to former markets, but not the airline that operated previously but we can all have an opinion. I'm at least grateful that some former employees have the chance again to continue their careers.