March 5 (Reuters) - British regional airline Flybe collapsed
on Thursday after a plunge in travel demand, making the
struggling carrier the industry's first big casualty of the
coronavirus outbreak.
Here's a look at the more than 40-year rise and fall of
Europe's largest independent regional airline:
MARCH 2020
The failure of Europe's largest independent regional airline
that connects all corners of the United Kingdom with major
European destinations puts around 2,400 jobs at risk but is also
likely to hurt some small airports and regional UK economies.
JANUARY 2020
Airline gets a stay of execution after the British
government promises to review taxation of the industry and
shareholders pledge more funding.
Shareholder Stobart says it will provide 9 million pounds
($11.6 million) in funding as part of the government-backed
bail-out.
JULY 2019
EU antitrust regulators clear the $2.8 million acquisition
of Flybe by Connect Airways, a consortium created by Richard
Branson's Virgin Atlantic, Stobart Group and investment
adviser Cyrus Capital.
MAY 2019
Company says CEO Christine Ourmières-Widener would step down
in July.
JANUARY 2019
Virgin Atlantic teams up with Stobart and Cyrus Capital to
buy Flybe in a deal worth one pence per share in cash and a 94%
discount to the company's stock value.
Cyrus' unit DLP Holdings owns 40% of the joint venture
company, while Stobart's aviation unit and Virgin each have 30%.
NOVEMBER 2018
The airline says it holds talks with potential buyers, as it
grapples with higher fuel costs, lower demand and a weak British
pound.
FEBRUARY/MARCH 2018
British infrastructure and support services company Stobart
considers bidding for the company, but scraps plans after being
rebuffed.
2011
Flybe buys Finnish Commuter Airlines (Finncomm) Finland's
largest domestic air carrier, in a newly formed joint venture
with Finnair, Finland's flag carrier.
2010
Airline lists in London raising up to 66 million pounds
($85 million) for Europe's largest regional carrier to buy out
rivals and expand its fleet. https://reut.rs/39o8BFm.
2007
The airline buys the former regional airline business of
British Airways BA Connect, becoming Europe's largest regional
carrier.
2002
The company changes name to Flybe as part of a major
overhaul amid growing competition from growth in low-cost
travel.
2000
The airline, now the UK's third-largest airline, is renamed
British European.
1985
The company moves headquarters to Exeter in southwest
England from the island of Jersey.
1983
Walker Steel Group, which also owned Spacegrand Aviation,
buys the airline.
1979
Airline launches as Jersey European Airways operating from
Jersey.
Source: company website and Reuters
($1 = 0.7746 pounds)
(Compiled by Yadarisa Shabong in Bengaluru; editing by
Josephine Mason)
