Considering the current state of the world's financial markets and the possibility of a UK recession, Flybe are not likely to float/sell anytime soon.
Maybe not, but anyone with some cash wanting to invest in the industry will be looking for sound investments right now and a company such as Flybe that was planning a flotation may be a wise investment. Pump some more cash in now and reap the rewards as the major shareholder once time for flotation is right!
An IPO was probably looking right for Flybe at the time of that 2006 article above but that was prior to any financial jittering within the US and now the UK. The priorities of the owners is unlikley to have changed however it may be that an IPO may not now be right, however I think a sale by any other means is still very likely - whoever the interested party may be.
BA (who are unlikely to be involved in my opinion) gave Flybe a large sum of money when Flybe acquired BACon but i'll not be the one taking bets that they'll not get most of it back following flotation if investment is made in the near future to expand Flybe.