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Travel industry news

29 Apr 2019

BY James Chapple


Flybmi collapsed owing £37 million says administrator

Regional carrier Flybmi owed creditors £37 million when it collapsed in February, administrator BDO has said.


Flybmi collapsed owing £37 million says administrator

Flybmi ceased operations and filed for administration on 16 February citing “insurmountable” challenges, including Brexit and increasing fuel costs.

Sister airline Loganair has absorbed some of the impact, taking on various Flybmi routes – including flights from Aberdeen and East Midlands airports – as well as aircraft and former staff.

According to administrator BDO though, the airline’s debts included £3.8 million owed to passengers in EU flight compensation and £2.25 million to Rolls-Royce for servicing.

The extent of Flybmi’s troubles were set out in a report by the BBC on Friday (26 April), citing BDO and a statement of affairs from the company’s directors.

Flybmi employed 376 staff and operated more than 600 flights a week when it collapsed.

Restructuring partners Graham Newton, Tony Nygate and James Stephen were appointed joint administrators on 18 February.

Airlines UK, the trade body for UK registered airlines, said said the carrier had fallen foul of the "ferociously competitive environment" facing airlines.

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