The brand, intellectual property, stock and equipment have been sold to Thyme Opco Limited, a company affiliated with investment adviser Cyrus Capital.

While the transaction is still subject to certain "confidential conditions", the deal is expected to allow the Flybe business to restart operations as a regional airline in the UK under the Flybe brand in early 2021.

Following today’s announcement, the administrators will work together with Thyme Opco, the Flybe management team and the UK CAA to prepare for the relaunch of Flybe’s airline operations.

Simon Edel, joint administrator and EY turnaround and restructuring strategy partner, said: “Today’s announcement, and the upcoming completion of this sale, will be great news to communities around the country that were previously served by Flybe. 

"The restart of this iconic brand, which was once Europe’s largest regional airline, will provide a potentially significant boost to aviation jobs, regional connectivity, and local economies.”

A Thyme Opco spokesperson added: “We are extremely excited about the opportunity to relaunch Flybe. The airline is not only a well-known UK brand, it was also the largest regional air carrier in the EU, so while we plan to start off smaller than before, we expect to create valuable airline industry jobs, restore essential regional connectivity in the UK, and contribute to the recovery of a vital part of the country’s economy.”

The joint administrators were appointed to Flybe on 5 March 2020 following the significant disruption to the airline industry caused by the Covid-19 pandemic. 

Prior to the administration, Flybe was a UK-based independent regional airline in the UK carrying around 8 million passengers a year between 81 airports across the UK and the rest of Europe.