With the regional carrier reportedly hours from failure, Virgin, Stobart Aviation and private equity firm Cyrus Capital completed an eventual £2.8 million acquisition of Flybe.
The deal was struck in mid-January 2019, with Virgin holding 30%, Stobart 30% and Cyrus 40%. Connect subsequently pledged to pump £100 million into Flybe and give it a new lease of life.
Connect’s vision was to rebrand Flybe as Virgin Connect, ditch the carrier’s iconic purple branding in favour of Virgin’s customary red livery, and use it as a regional feeder carrier for Virgin Atlantic’s long-haul services out of Heathrow, Gatwick and Manchester.
