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Flybe-10

Old 24th Nov 2020, 14:51
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Snr
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Flybe-10

"On the evening of 3 March 2020, the directors of Flybe were informed by Virgin that, as a result of the adverse impact of COVID-19 coronavirus on its own bookings, it was no longer able to provide further funding to Connect or Flybe."

Thank you to Sandy78 for pointing out the document. I stand by my original comment. 24 hours prior to the collapse, Virgin pulled out of providing any additional funding, which had been agreed back in January. There were many reasons Flybe/Connect failed, but the final nail in the coffin was Virgin (rightly) choosing mainline over the "subsidiary".
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Old 27th Nov 2020, 07:53
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This thread is confusing. I think it would not be wrong to say Flybe was not in a good state in December. It had hope from the new ownership structure, but it was not out of the woods.

Covid then came along and I do recall press releases about booking falling off a cliff. On top of that the new owners bookings were presumably seeing a similar pattern and it would have been only a matter of time before they had to prioritise funding their mainline airline survival.

Whether it was Virgin or one of the other investors it was going to happen. The investors did not put the final nail in the coffin. Covid did.
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Old 28th Nov 2020, 22:17
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what will happen to the former Flybe MPL cadets?
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Old 29th Nov 2020, 08:46
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Not only caused by Covid, as soon as the general public gets a hint of an airline in trouble (and their money being lost), the speculation rapidly turns into a fact with forward bookings grinding to a shuddering halt.
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Old 2nd Dec 2020, 21:27
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Today's update

Flybe's return to the skies moves a step closer
Cyrus Capital applies for operating licence for the airline and pledges to 'restore essential regional connectivity
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Old 9th Dec 2020, 15:00
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...and a step further away perhaps with the BACF announcement today re Southampton routes..
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Old 9th Dec 2020, 15:17
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I'm not sure - BACF's announcement is very much just a weekend summer operation only. I, personally, would be surprised if Flybe is back in the skies by when the flights end next October....! Never say never...
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Old 12th Dec 2020, 23:12
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It seems EY has updated it's document. https://assets.ey.com/content/dam/ey...-proposals.pdf

It previously said that Virgin & Cyrus wanted to put more cash into Flybe but Stobart pulled out, now it says Stobart had pulled out, then Virgin did and Cyrus was considering it's position.

Any idea why this has been changed?
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Old 13th Dec 2020, 15:39
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maybe as Cyrus now owns the name they have requested the change before they relaunch
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Old 14th Dec 2020, 08:43
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So debts or liabilities basically total GBP427m

How on earth is this going to work?
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Old 14th Dec 2020, 12:12
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If I'm not mistaken, the debts remain with the original business and therefore probably aren't picked up by the new company, Thyme OpCo.
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Old 7th Jan 2021, 00:42
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shamrock7seal

It goes to show how much damage a certain CEO did. Flybe had £163m in spare cash in 2016. By 2019 that was almost gone and Connect Airways kept it limping on for another 14 months.
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Old 7th Jan 2021, 08:06
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https://www.bbc.co.uk/news/business-10693875
This damage. I remember him boasting about the 5Bn bit. Shortly after that he invited Digby Jones onto the board.
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Old 11th Jan 2021, 01:19
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I was referring to C.O.W but yes that Embraer deal never helped, Saad did a good job offloading it but why Republic only took 20 aircraft when they made Flybe take on 24 of their Q400s made no sense. Look back it's easy to see what could have been done better, obviously Flybe should have scaled back and offloaded the E195s faster. The issue was it never seemed to know it's business model. It was meant to be an airline for business people but it's offering was rubbish. Dirty old cabins with seats that didn't match the purple interior, bare threaded carpets, staff uniforms that looked cheap and the 'Cafe Flybe' menu was a joke. Flybe should have really taken some inspiration from Porter Airlines who seem to have a fairly strong business. Instead they tried to be a business airline, ski airline, a charter airline and a tourist airline along with a low cost airline to match Easyjet/Ryanair (when they are completely different) all in one go. The pricing was often stupid £65 Exeter to London City when an airline like EasyJet would only charge £29.99.

Don't get me wrong I love Flybe it was a great airline to work for but the business has been on a loose footing ever since they took on BA Connect in 2007 which is one of the biggest mistakes they ever made, they expanded too fast in all the wrong places, bought completely the wrong type of aircraft, bought airlines or took them over that financially were on their last legs anyway. Top that off with the 2008 financial crisis, Icelandic volcano delays, French ATC strikes, & Brexit it was clear that any further crisis would topple them, yet the management just sat back. COW sold off all the valuable assets such as the hangar in Exeter, she also sold aircraft Flybe owned to leasing companies(which should have just been sold off completely), extended leases on Q400s the airline didn't need the list goes on and on...
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Old 11th Jan 2021, 06:57
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£65 EXT-LCY doesn’t sound too bad at all to me, given it was up against the peak train it should actually have been more. £30 is unrealistic and EZY on a route like that is fantasy. Perhaps a good assessment then of the overall faults.
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Old 11th Jan 2021, 10:56
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Are we likely to see this year 2021 the opening up of flybe2 .......
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Old 11th Jan 2021, 11:20
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Originally Posted by airsouthwest View Post
Flybe should have scaled back and offloaded the E195s faster
To be fair I think they tried everything to rid themselves of those aircraft but they were tied in to those contracts and concluded it was better to fly them and at least try and make some money for them, rather than having them sat on the ground.

Like every airline failure the company had bad decision compounded by bad decision over several years. They just had too many aircraft and no control over the size of their fleet.
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Old 11th Jan 2021, 11:45
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Originally Posted by airsouthwest View Post
Flybe should have really taken some inspiration from Porter Airlines who seem to have a fairly strong business. Instead they tried to be a business airline, ski airline, a charter airline and a tourist airline along with a low cost airline to match Easyjet/Ryanair
Porter has also expandend into leisure/ski/tourist markets - I am not really sure this really is the difference between the two.
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Old 11th Jan 2021, 14:09
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I think Flybe did, to a degree, have a similar strategy to Porter with their operations out of City airport, where did they quite well.

They were obviously a much larger airline than Porter. Their problem was a lot of their trunk routes elsewhere didn't make much money. And if they did they were always in danger of a easyJet or Ryanair coming along, with a much lower cost base, and stealing their market.

With the right fleet selection, and free or ridiculous lease agreements, there probably is a bit of money to be made replicating a bit of Flybe's old route network. It's just never going to be a huge money spinner IMO.
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Old 11th Jan 2021, 14:20
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virginblue

Porter are more like BA Cityflyer. They seem to target slightly higher end tourist markets in the downtime on their business routes and they offer an onboard service and a more premium approach.

FlyBe on the other hand tried to be everything to everyone - a business airline, a cheap airline, a holiday airline and obviously failed at that. I still think FlyBe missed so many opportunities. It started flying from LCY and went up against BA on the routes rather than operating other routes - there is a gap for services to smaller Scandinavian cities, French towns for second home owners (similar to where they flew from SOU).
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