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-   -   Flybe-V1 (https://www.pprune.org/airlines-airports-routes/637085-flybe-v1.html)

RogueOne 3rd Mar 2021 19:52

Originally Posted by ATNotts (Post 11000895)
....nobody knows what the strategy of the the new business will be

Some will still want to have a pop though. I hope nobody falls off their soapbox.

southside bobby 6th Mar 2021 20:57

Being reported that the departure of L F is indeed linked to "problems" connected with the old BEE slots & appears to put the proposed enterprise in jeopardy.

Jamie2009 6th Mar 2021 21:12

reported by who?

SWBKCB 6th Mar 2021 21:20

There's a report on the Daily Telegraph website if anybody is a subscriber?

allan1987 6th Mar 2021 21:59

Flybe grounded after hedge fund boss quits amid flight slot issues Collapsed airline's return at risk as pandemic complicates ownership of valuable take-off and landing slots
Will delete this if needed

Flybe’s return to the skies is hanging in the balance amid the resignation of a “big swinging” hedge fund manager that was plotting the airline’s revival.

Lucien Farrell of Cyrus Capital, whose friends include Ben Elliot, the nephew of the Duchess of Cornwall and co-chairman of the Conservative Party, has stepped down as a director of the company Thyme Opco, according to official filings.

Thyme Opco acquired Flybe from administrators EY in October to “restore essential regional connectivity in the UK, and contribute to the recovery of a vital part of the country’s economy”.

Mr Farrell’s decision to stand down last Monday followed a crunch hearing on the previous Friday, February 26, between regulator Civil Aviation Authority (CAA), EY and law firm Freshfields.

The administrators argued that take-off and landing slots worth tens of millions of pounds each should be handed over to Thyme Opco.

An application by Thyme Opco for an operating licence was also lodged at the hearing.

Industry insiders said that the CAA had adjourned the part of the hearing relating to the transfer of the slots having been unable to come to a final decision.

But the operating licence application is expected to be granted in the next two weeks, the sources added.

Mr Farrell’s decision to acquire the Flybe brand, intellectual property, stock and equipment sparked speculation within aviation industry circles over his motives for restarting the perennially loss-making airline.

“Slots. That is all they are doing. Trying to find a way to reclaim and sell them,” one analyst claimed at the time.

Flybe collapsed a year ago with the loss of 2,000 jobs. Cyrus Capital previously owned the carrier alongside Sir Richard Branson’s Virgin Atlantic and what was called Stobart Group, the owner of Southend Airport.

The three investors were unable to convince the Government to plug a 100m hole in Flybe’s finances and were unwilling to invest more of their own capital with the spectre of coronavirus looming.

Flybe had up to 12 pairs of take off and landing slots at Heathrow airport. In the past, the sought-after slots have traded for high prices. Air New Zealand sold one slot pair at Heathrow for $27m (20m) in March 2020, for instance.

The ownership of the slots has been complicated by the pandemic.

When airlines collapse, the administrators would sell them to another airline. If the administrators were unable to sell them, strict rules dictate that they would be handed back to a central slots coordinator.

However, the rules have been suspended during the crisis leaving the ownership of Flybe’s slots in limbo.

Mr Farrell’s resignation leaves Thyme Opco and associated companies with just one director, Jon Peachey, the chief executive of Virgin Group’s American operations between 2008 and 2013.

Mr Farrell, 46, often targets companies facing bankruptcy. One executive once described him as a “big swinging, high-rolling kind of guy. He has got a sort of free wheelin’ style that some investors value.”

allan1987 6th Mar 2021 22:12

While I could be wrong the only way i see this still going is that Stobart Air being brought over by Ian Woodely with funding from an UK private equity firm. Joining with Jonathan Peachey with flybe assets and New UK AOC
while using Stobart Air Irish AOC to create new UK regional flying airline.

EGTE 7th Mar 2021 18:17

It's not all gloom and doom.........
Thyme Opco's Q400 G-CLXC performed an air test and several hours of circuits at Exeter Airport this afternoon.

biddedout 7th Mar 2021 18:30

Allan, you could be wrong but who knows, I don't think we have seen the last of this.

It will be interesting to see the next administrator report from EY to see if there is any detail on the sale to Thyme Opco. Did it even happen? The only press reports suggest that it was subject to confidential conditions (I can imagine they revolved around the likely-hood of retaining slots). Thyme Opco seem to have leased themselves a very old Dash, but so far, that seems about it. Did they go as far as taking on the operations setup and post holders etc, or were they just working in parallel with EY to see how things panned out? Flybe still exists with the same director/s and EY have just extended the administration period for three years (and 1 year from Connect Airways). Is this to give the market a chance to recover before they flog off the remaining engines and to claim the outstanding debts (Virgin still owe about 9M according to the last report). EY were trying to hold it all together as an airline and apparently still had a few essential staff in place to make it so. What happened to them? Did they go to thyme or are they still employed by EY? Regardless of what LF is up to, are EY still trying to sell it on to another party? LF may have been sticking around to see how the LHR slots battle was going but there were other major peak-time big-airport slots in the portfolio. Desperate times but according to their reports, EY still saw value in the whole bundle.

LTNman 7th Mar 2021 18:34

Sounds like they want to acquire the slots and then just sell them with the pretence of running the airline which is probably a front for the sale.

BHX5DME 7th Mar 2021 18:36


G-CLXC is due at BHX on Monday :-)

EGTE 7th Mar 2021 18:40

Repaint out of it's current Austrian Arrows colours?

JSCL 7th Mar 2021 18:47


I expect IAG will offer them a lump to stop being a nuisance and take the slots. Flybe mk2 won’t fly, in my view.

biddedout 7th Mar 2021 18:57

Possibly not but times are changing and as the big aviation reset takes place, people may be realising that the slots that BA originally asset striped from regional airlines actually belong to the regions. Other large hub airports around the world don't seem to have a problem with the smaller airlines flying in from the regions. A former CEO of Flybe (Saad) was making inroads into reclaiming LHR slots. They were presumably called remedy slots for a reason so what's to stop them being claimed again from BA in a year or so when things pick up?
Using NQY to London as an example. Flybe were doing a good 250-300 people a day with the flexibility of three rotations. BA tried NQY in the past but gave up. Their once a day new offering is hardly going to fill the gap.

Skipness One Foxtrot 7th Mar 2021 20:27

They don't belong to the regions in an open market, you want them to "belong to the regions" then you need them ring fenced in the regulations.
If you look at "other large hub airports" of a comparable size then look at runway capacity :
LHR 2 vs :

This is why LHR slots became so scarce, in a purely open and commercial market, the airport has a slot that can be used for
a) flybe Q400 to Newquay (72 seats)
b) Emirates A380 to Dubai (489 seats)
Given the airport uses footfall and throughput to drive commercial retail profits to ensure a revenue stream beyond landing charges, it's a no brainer. The only way LHR gets prop feed on a reliable basis is via ringfencing certain markets and taking them out of the slot pool or finally building runway 3 ( and probably still doing the ring fencing piece). I understand, and correct me if I am wrong, that flybe's LHR operation was a loss maker. Operating Q400s against A320s at a lesser frequency to ABZ/EDI only meant that they had to lead on price. LHR is not the future of flybe IMHO, if there's a future to be had. I suspect there's not, nor should there be given where they ended up. There's a lot of good people being led up the garden path and getting their hopes up I think.

SKOJB 7th Mar 2021 21:02

Probably best to let the old airline rest in peace!

Albert Hall 8th Mar 2021 22:55

The proving flight on G-CLXC didn't quite make it around the operation to Birmingham and back today then?

BHX5DME 8th Mar 2021 23:10

It got to Banbury did a 180 back to EXT !

Whispering Giant 10th Mar 2021 18:44

Looks like the CAA made their decision on the old Flybe’s AOC and route license’s. so new Flybe will have to get a new AOC and operating and route licenses.
CAA decision on Flybe’s AOC and operating license

PurpleDash 10th Mar 2021 19:26

They were planning on using the new OL anyway. The only reason they wanted to keep the old flybe one was so that there was enough time to obtain the slots back. After that the plan was to transfer everything over to Thyme Opco.

Jamie2009 10th Mar 2021 19:30


Interesting read, especially Logan Air tried to have a say...

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