On Thursday 5th March, it was announced that Flybe had gone into Administration. It’s never nice to be reporting on companies that have gone into Administration, especially when it affects so many people.
Flybe was one of the largest independent regional airlines in Europe, carrying around 8 million passengers a year and employing approximately 2,400 staff across the UK alone.
The recent pressures on the travel industry as a whole with the outbreak of the coronavirus has drained customer demands for flights. It is understood that Flybe had already been impacted by rising fuel costs, currency volatility and uncertainty within the travel industry, with the latest drop in demand being the final straw that broke the camel’s back.
All of Flybe flights booked have, according to the Administrators EYs website, been cancelled and unfortunately it has been necessary for the Administrators to make the majority of the workforce redundant.
The initial priority of the Administrators is to support Flybe employees and work closely with the Civil Aviation Authority (CAA) to help inform and advise Flybe customers of their rights.
Director of My Insolvency, Stan Coltman, commented:
“The demise of such a large business as Flybe has a massive knock on effect. It impacts businesses along the supply chain including local businesses in and around the regional airports, baggage handlers and taxi drivers are just some of those facing uncertainty.”
If you are a business that has been affected by the failure of Flybe, please do not hesitate to contact My Insolvency as we have dedicated teams assisting companies with business finance, debt management and restructuring.
*Please note we cannot give advice to Flybe customers regarding flights they have booked