Flybe in trouble ?
Thoughts with flybe staff. Have used them for 30 years - very sad. This isn't just another airline going bust - could have significant consequences for a handful of regional airports as well. And will no doubt lead to in depth debate on regional travel in general.
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Goodbye ..old friend
You started and realised my dreams Flybe, salute your beginnings as Jersey European, then British European, then Fly British European then finally shortened name Fly.B.E.
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I heard a news report today saying that the money promised by the government to help Flybe out was not going to be paid now. The reason given was that this aid was to be in the form of relief on APD and someone has just realised that any adjustments, suspensions etc to APD is not allowed due to EU rules. Would that be the same EU that we are led to believe we no longer belong to?
I guess it has nothing to do with both IAG and Ryanair objecting to financial support?
Ryanair's O'Leary lambasts the Government for Flybe rescue
IAG boss condemns Flybe rescue deal
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Flybe pensions
It’s bad enough at the best of times but dreadful timing with other airlines halting recruitment and I really hope news that their pensions might be at risk as their scheme is based on IOM is unfounded. The Pension Protection Fund is not as great as it sounds but is better than nothing. That really would be a galling prospect on top of that already inflicted.
Heart goes out to those at flybe.
Heart goes out to those at flybe.
...scheme members are not entitled to payments from the
Pension Protection Fund (PPF) in the event of an insolvency [because Flybe’s pension fund is registered in the Isle of Man, rather than the UK]. Flybe had a £11.6m pension shortfall in November 2018.
According to a breakdown at the airline’s previous year-end, the fund has £170m of retirement liabilities.
According to a breakdown at the airline’s previous year-end, the fund has £170m of retirement liabilities.
It may be that I have misunderstood the system, as The Telegraph's reporting seems to be incorrect - my understanding is that the Flybe pensioners as a group are not 'risking losing all', but some could get substantially less than they expect.
It is a bad situation for those who have paid into the pension scheme, and I hope the outcome is not as bad as some have painted.
*In the event of a shortfall in a scheme where the company cannot put in more money as a result of bankruptcy, there is a pecking order for who gets money in UK-based pension schemes. The IOM might be different.
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I'm sure they have a few spare seats. They were never going to sell those seats. And it gets them on the news. Clever move. A cynical view maybe?
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Appalling news. Thoughts with all the employees, also those working for Exeter, Newquay and Southampton airports. At a guess, none of them are viable without Flybe, possibly more throughout their former network.
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I wonder if Stobart will take up the more profitable routes? When BMI Regional went Loganair, which was owned by the same group took over some of the routes/aircraft/staff.
Fingers crossed for everyone affected.
Fingers crossed for everyone affected.
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I wonder if Stobart will take up the more profitable routes? When BMI Regional went Loganair, which was owned by the same group took over some of the routes/aircraft/staff.
Very sad day for all in Flybe to say nothing of everyone else who is affected by Flybe's demise. It's a sorry outcome to those optimistic days when we persuaded Jack Walker to base his 2 new acquisitions at Exeter as the embryo of a new regional airline.
The extraordinarily difficult environment over the last few years, culminating in the coronavirus scare, has played a part in the downfall of a good airline.
But no-one should be in any doubt that the blame lies fair and square with a succession of CEO's and their desire to grow their little empire and importance (and remuneration), regardless of the lack of a business case for what they did and the acquisitions they made. One by one they came, failed through incompetence, and departed with outrageous, unearned payoffs. And then the Branson/Stobart takeover. Did no-one look into what they were getting? If they had they would have known that £30m would do little to restore profitability. Was the plan to get it cheap, and then plead "national interest" to get the £100m++ it really needed. We'll never know; all those who made these decisions are away to spend the money they took out of the company.
This is how things are done in our brave new Britain; we mustn't complain.
Let's hope that the maintenance and/or training can be spun off/sold as going concerns, but I suspect that no-one in the airline or the receiver has the nous and ability to make that happen, and I don't know how profitable they would be without the airline operation.
The extraordinarily difficult environment over the last few years, culminating in the coronavirus scare, has played a part in the downfall of a good airline.
But no-one should be in any doubt that the blame lies fair and square with a succession of CEO's and their desire to grow their little empire and importance (and remuneration), regardless of the lack of a business case for what they did and the acquisitions they made. One by one they came, failed through incompetence, and departed with outrageous, unearned payoffs. And then the Branson/Stobart takeover. Did no-one look into what they were getting? If they had they would have known that £30m would do little to restore profitability. Was the plan to get it cheap, and then plead "national interest" to get the £100m++ it really needed. We'll never know; all those who made these decisions are away to spend the money they took out of the company.
This is how things are done in our brave new Britain; we mustn't complain.
Let's hope that the maintenance and/or training can be spun off/sold as going concerns, but I suspect that no-one in the airline or the receiver has the nous and ability to make that happen, and I don't know how profitable they would be without the airline operation.
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Loganair taking on 16 routes
According to local news in Edinburgh:
Loganair is taking over 16 routes operated by airline Flybe including Edinburgh to Cardiff, Exeter, Manchester, Newquay and Southampton.
It's also looking to recruit Flybe staff.
👍🏻
Loganair is taking over 16 routes operated by airline Flybe including Edinburgh to Cardiff, Exeter, Manchester, Newquay and Southampton.
It's also looking to recruit Flybe staff.
👍🏻
First Monarch, then Thomas Cook, now Flybe.
I don't know if it is due to poor management, CEOs stealing money in the form of bonuses, poor internet integration, poor government, lack of advertising, or something else.
Whatever the cause, it is an absolute disgrace.
My sincere sympathies to all in Flybe - some of whom are former colleagues. Keep your chins up and good luck.
Uplinker
I don't know if it is due to poor management, CEOs stealing money in the form of bonuses, poor internet integration, poor government, lack of advertising, or something else.
Whatever the cause, it is an absolute disgrace.
My sincere sympathies to all in Flybe - some of whom are former colleagues. Keep your chins up and good luck.
Uplinker
Last edited by Uplinker; 5th Mar 2020 at 13:26.
Uplinker
Read the reports and accounts from 2010 onwards on flybeplc.com.
I reiterate what i've said before. Jim French has a lot to amswer for, for his wildly ambitious expansion plans which led to the airline becomimg destitute very rapidly.
I take mo pleasure in sayimg this. I kmew Jack Walker and quite a few crew from the Jersey basr whi h was closed in 2014.
I'm gutted by whats happened and wish all those affected the very bedt of luck
I,
'
Read the reports and accounts from 2010 onwards on flybeplc.com.
I reiterate what i've said before. Jim French has a lot to amswer for, for his wildly ambitious expansion plans which led to the airline becomimg destitute very rapidly.
I take mo pleasure in sayimg this. I kmew Jack Walker and quite a few crew from the Jersey basr whi h was closed in 2014.
I'm gutted by whats happened and wish all those affected the very bedt of luck
I,
'
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