Established in 1979 as Jersey European Airways, Flybe is regional carrier headquartered in Devon. The carrier operates services within the United Kingdom, Ireland, the Channel Islands and Europe via its hub at Exeter International Airport. Flybe also operate from secondary hubs in Manchester, Belfast and Birmingham. The carrier was part of the Flybe Group PLC, which was acquired by Connect Airways on 11-Jan-2019.
Flybe and Connect Airways, a consortium consisting of Virgin Atlantic, Stobart Group and Cyrus Capital, agreed on the terms of a recommended cash offer for Flybe. Under the agreement, Connect Airways will acquire the entire issued, and to be issued, share capital of Flybe. Stobart Group will also contribute Stobart Air and Propius Holdings into Connect Airways. Concurrent with the acquisition, Cyrus, Stobart Group and Virgin Atlantic have committed to make available a GBP20 million bridge loan facility to support Flybe's ongoing working capital and operational requirements. Connect Airways a UK limited company and is 30% owned by Virgin Atlantic, 30% by Stobart Aviation, and 40% by DLP Holdings, a wholly owned company of Cyrus Capital.
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