Flybe reject alternative bid to save airline and go with Stobart

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  • Propius transferred to Connect Airways
  • Andrew Tinkler alternative rejected
  • Reopens Stobart civil war

Flybe has sold all assets and operations for €2.5m to Connect Airways, a consortium consisting of Stobart, Virgin Atlantic, and hedge fund Cyrus Capital, a far cry from its €247m valuation when it joined the London Stock Exchange in 2010.

Flybe had received an alternative financing proposal from a new consortium led by Andrew Tinkler backed by Bateleur Capital and Mesa Air Group .

TheExeter-based airline opted for the Connect Airways offer just hours ahead of a sale deadline.

The deal covers the carrier’s two operating subsidiaries – Flybe Limited and Flybe.com. Connect Airways gained European Commission competition approval.

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Stobart Group confirmed the disposal of Flybe franchise carrier Stobart Air and aircraft leasing firm Propius to Connect Airways.

The airline tweeted  “our confirmed schedule operates as normal and you can book now at flybe.com.The airline announced a new route from Heathrow to Guernsey with daily flights starting on March 31 costing from £34.99 one-way.

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