Set up by KLM Airlines as a low cost carrier. Formed out of KLMuk. Brought out by Ryanair in 2003 (?) and operations cut back a lot and merged into FR.
For a pretty well informed and frank account of the 'transition' from Buzz to Ryan, read chapter eighteen of Siobhán Creaton's book 'Ryanair' (Aurum Press, London, 2004).