Uk airline Flybe, which had operated regional services from airports across the United Kingdom for the last four decades, has today entered administration.
The troubled airline entered into administration after failing to secure a £100 million ($A194 million) government loan to save it.
Despite Flybe already saving themselves from going broke in January, the airline said that coronavirus had since been a key factor due to “an outbreak-related slump in bookings”.
Flybe was Europe’s largest regional airline and was due to be rebranded Virgin Connect. It was owned by Virgin Atlantic with 30% ownership, Southend airport owner Stobart Group with 30% and 40% held by Cyrus Capital Partners.
The airline served 15 countries from 80 airports and operated more UK domestic flights than any other carrier with a presence at airports such as Aberdeen, Belfast City and Southampton.
The CAA confirmed the regional carrier had entered into administration at around 3.30 am GMT on Thursday.
It urged customers to make their own alternative travel arrangements via other airlines, rail or coach operators.
“We urge passengers planning to fly with this airline not to go to the airport as all Flybe flights are cancelled.
— Flybe ✈ (@flybe) March 5, 2020
According to Yahoo Finance, in an email to staff in the early hours of Thursday morning, Flybe CEO Mark Anderson said that he shared the news of the administration “with enormous sadness and a deep sense of sorrow.”
“Despite your hard work, commitment and some amazing results which we have delivered, and have been achieving up to the last day of operation — particularly for our customers who depend on us across the country, we have come to the end of the road,” he said.
Anderson also noted that the coronavirus fallout, which has downed demand across the airline industry, “put additional pressure on an already difficult situation.”
“I am very sorry that we have not been able to secure the funding needed to continue to deliver our turnaround plan.”
The Exeter-based airline employed around 2,400 staff, all of who’s job futures are at this point, now unknown.
Find out more: www.flybe.co.uk
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