Flybe update and LHR-NQY

With the introduction of a four-times-daily service from Heathrow to Newquay Airport Cornwall yesterday (see in this issue), Flybe has confirmed that the completion of its purchase by Connect Airways Ltd will have to wait some months before final approval is made under the EU Merger regulations. (Also see AND FINALLY EXTRA)

Now delisted from the London Stock Exchange, as Flybe Ltd, it has a new board in place consisting of Christine Ourmières-Widener, chief executive; Ian Milne, the current chief financial officer; and Johnathon Peachey of New York-headquartered investment management company Cyrus Capital Partners, representing the new owners. 

Connect Airways Ltd itself is a joint investment by Cyrus Capital (40%), Virgin Atlantic (30%) and Stobart Aviation (30%). Virgin’s major shareholder is Delta Air Lines. It remains to be seen if the Flybe name is to be retained, what the long-term strategy is, and final make-up of the board.

With the summer programme, which started yesterday, fully in place, nothing is likely to happen until the end of October.  At that time, with the end of the summer season, a transfer could take place from the present Heathrow T2, to T3, the home of both Delta and Virgin Atlantic, with quick flight connections to those airlines. Valid passengers would be able to use the award-winning Virgin Clubhouse.  (See Newquay controversy in this issue)

www.flybe.com

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