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I've certainly heard about a couple of airports and handlers declining to offer deals or credit terms to new Flybe and one of several reasons cited is the debt from old Flybe. Rogue One's comment is legally and technically correct, but that does not take into account the natural caution and ill-feeling generated towards one of the same shareholders now re-appearing as a new business after also seeing a preferential return from the security it held in old Flybe.
And I can't seriously believe they are going to go anywhere near the LHR operation, slots or no slots. |
I would have thought that their suppliers would be insisting on payment in advance into what I think us called an escrow account.
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Any previous supplier is likely to insist on payment in advance into what I think is called an escrow account.
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It makes it very very messy if they have a separate handling agent in each airport. SWISSPORT for example could have offered a nationwide very competitive rate for handling but I would ssy they looking a very sizeable bond to be put in placd first after the financial carnage the previous collapse caused.
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Let's not forget Warwick Brady is now CEO at Swissport.
Irrespective of the past, there's little to no love to be had there I'd imagine. |
inOban
Indeed, whatever you call it, or however it is set up, creditors of Flybe Mk.1 will likely be looking to claw back some of the debt from Flybe Mk.2, and frankly, who can blame them. I'm sure that this will have been factored in by the new management and financiers; they aren't commercial novices with no previous experience in the world of business. |
Albert Hall
The original Flybe have operated the route in past. |
But did it make money for them?
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Up for sale already
According to tomorrow’s Telegraph, the hedge fund behind Flybe is planning to sell it before the carrier carries its first passengers.
It mentions a proposed two stage plan where Flybe will operate with its new buyer for a year before becoming part of them. It says they have sounded out Blue Islands and Aurigny as potential buyers and could ask for up to £45m for the airline. Cyrus Capital declined to comment. |
This will all end in tears.....
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Originally Posted by JSCL
(Post 11151773)
Let's not forget Warwick Brady is now CEO at Swissport.
Irrespective of the past, there's little to no love to be had there I'd imagine. |
Originally Posted by milleriom
(Post 11151980)
Love or a lack of it has nothing to do with any major business decisions like that.
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Originally Posted by milleriom
(Post 11151980)
Love or a lack of it has nothing to do with any major business decisions like that.
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Originally Posted by BA318
(Post 11151885)
According to tomorrow’s Telegraph, the hedge fund behind Flybe is planning to sell it before the carrier carries its first passengers.
It mentions a proposed two stage plan where Flybe will operate with its new buyer for a year before becoming part of them. It says they have sounded out Blue Islands and Aurigny as potential buyers and could ask for up to £45m for the airline. Cyrus Capital declined to comment. |
Exactly what would you get for your £45m - other than getting rid of a potential competitor?
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Originally Posted by BA318
(Post 11151885)
According to tomorrow’s Telegraph, the hedge fund behind Flybe is planning to sell it before the carrier carries its first passengers.
It mentions a proposed two stage plan where Flybe will operate with its new buyer for a year before becoming part of them. It says they have sounded out Blue Islands and Aurigny as potential buyers and could ask for up to £45m for the airline. Cyrus Capital declined to comment. |
Originally Posted by Jamie2009
(Post 11152011)
Where did this come from? Can’t see it in the Telegraph🤷♂️
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Originally Posted by SWBKCB
(Post 11152009)
Exactly what would you get for your £45m - other than getting rid of a potential competitor?
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Originally Posted by Fletch
(Post 11151823)
But did it make money for them?
Their aircraft is due in LPL from BHX this afternoon. |
Fund manager plots to sell airline Flybe
A MAYFAIR financier who co-owns Pizza Express is plotting the £45m sale of Flybe before the revived regional airline carries its first passenger. Lucien Farrell, the media-shy hedge fund manager who bought the Flybe assets from administrators, has contacted investors to offload the business. Mr Farrell's advisors have researched prospective bidders with a two-stage plan, according to email correspondence seen by The Daily Telegraph. Central to the sale are Flybe's lucrative take-off and landing slots at Heathrow airport, which Flybe inherited when British Airways bought BMI in 2012. It is envisaged that Flybe will operate in partnership with the prospective new owner for around a year before the business is sold. It is thought that Mr Farrell's advisers have sounded out airlines such as Blue Islands and Guernsey, which fly to the Channel Islands. Last week Flybe announced that it would relaunch from Birmingham airport in March 2022. Mr Farrell's Cyrus Capital has endured a long battle to restart the airline after buying it from administrators EY in 2020. He managed to overturn a decision by Grant Shapps, the Transport Secretary, to revoke Flybe's operating licence in June, paving the way for the airline to be revived. A spokesman for Mr Farrell declined to comment. |
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