UK CAA Revokes Flybe’s Business License

Civil Aviation Authority Flybe business license revoked After the intervention of British Secretary of Transportation Grant Shapps on June 3, 2021. The ruling prevented the new airline owner, Flybe Limited (formerly known as Thyme Opco), from regaining access to some slots at Flybe’s Heathrow Airport. ..

Following the collapse of the British regional airline Flybe and its entry into control in March 2020, the airline was acquired by Thyme Opco, now known as Flybe Limited, by Lucien Farrell, hedge fund manager at Cyrus Capital. It was placed under the umbrella.

The acquisition, which began on November 4, 2020 and completed on April 14, 2021, included the transfer of Flybe’s business assets to a new owner. Among those assets were seven pairs of London Heathrow slots, owned by Flyby and worth $ 74 million (£ 52 million) each before the pandemic. Currently, slots are valued at $ 14 million (£ 10 million).

The original Flybe won the slot as part of a corrective action to prevent competition and market consolidation in favor of British Airways. After the collapse of Flybe, the slot was returned to British Airways, but Flybe had the right to access the slot if it had a business license after June 3, 2021.

The decision to revoke Flybe’s license prevents the transfer of slot pairs to Flybe’s new owner, Flybe Limited. Flybe Limited holds a separate, valid active operating license, but does not grant ownership of the slot transferred to Flybe as a remedy. Flybe Limited is assigned low value slots at Manchester and Birmingham airports.

https://www.aerotime.aero/michael.jonga/28108-flybe-operating-license-revoked-averting-slot-transfer UK CAA Revokes Flybe’s Business License

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