Flybe had put itself up for sale after hit from weak demand, rising fuel costs, strugg­ling pound, Brexit turmoi­lLONDON: A consortium led by Britain’s Virgin Atlantic on Friday said it will buy ailing no-frills airline Flybe for £2.2 million ($2.8 million). Connect Airways will also purchase Stobart Air, which is Stobart Group’s regional airline and aircraft leasing business. “Cyrus, Stobart Group and Virgin Atlantic believe that combining Flybe and Stobart Air in a more integrated commercial cooperation with Virgin Atlantic’s long-haul operations will create a fully-fledged UK network carrier under the Virgin Atlantic brand,” they said in the statement. “The industry is suffering from higher fuel costs, currency fluctuations and significant uncertainties presented by Brexit,” said Flybe chief executive Christine Ourmieres-Widener. Cyrus will own a controlling 40% stake in the new company, while Virgin and Stobart will take 30% each.

Source: The Express Tribune January 11, 2019 14:37 UTC