Collapsed airline Flybe, which ran the majority of flights from Southampton airport until early last year, will return to the skies after its sale was completed by administrators.

Thyme Opco has bought Flybe’s business and assets, planning to resume flights this summer, on a smaller scale than before.

Flybe collapsed into administration in March 2020, with the loss of 2,400 jobs.

On March 4 2020, Islanders were among those told not to travel across The Solent for flights.

On March 3 2020, at midnight, when its final plane landed in Aberdeen, the company issued a statement saying it had been handed to administrators.

Rumours of collapse had been circulating while the final flights were in the air.

Yesterday (Wednesday) an asset purchase agreement, which began in October, was finalised.

Isle of Wight County Press:

Under the deal, Thyme Opco will be renamed Flybe Limited.

Simon Edel, an administrator at EY, said: “Completion of the sale of Flybe is positive news for local communities previously served by Flybe.

“The launch of a new Flybe will enhance regional connectivity across the UK and create new job opportunities within the airline industry.

“Flybe stands to make an important contribution to local economies as they rebuild after the pandemic and as restrictions ease to allow an increase in air travel.”

A Flybe Limited spokesman said: “We are extremely excited to announce the conclusion of almost six months of dedicated hard work by the great team at Flybe, the UK Civil Aviation Authority, the European Commission, and the many others who made this announcement possible.

“It represents a critical first step in our mission to accomplish the first-ever rescue of an insolvent British airline.

“Subject to further success with vaccinations and relaxation of travel restrictions, we plan to launch a new and much-improved Flybe sometime this summer on many of our former routes where there remains a critical need for a strong, reliable, and customer-focused airline.

“While our company will initially be smaller than before, we intend to grow, create valuable jobs, and make significant contributions to essential regional connectivity in the UK and EU.”