The brand, intellectual property, stock and equipment have been sold to investors affiliated with former part-owner Cyrus Capital, a venture capital firm.

Flybe collapsed in March 2020, having been bought a year earlier for just £2.2 million by a consortium of Cyrus Capital, Virgin Atlantic and Stobart Group. 

The new owners of Flybe Limited sealed the deal with Flybe’s administrators and will not take on the previous company’s debts.

They said: “Subject to further success with vaccinations and relaxation of travel restrictions, we plan to launch a new and much improved Flybe sometime this summer on many of our former routes where there remains a critical need for a strong, reliable, and customer-focused airline. 

“While our company will initially be smaller than before, we intend to grow, create valuable jobs, and make significant contributions to essential regional connectivity in the UK and EU.”

Prior to administration, Exeter-based Flybe carried around eight million passengers a year to 81 airports. At Southampton, it comprised more than 80% of the airport’s traffic. Many of its routes have already been replaced by Loganair and Eastern Airways.