Shapps supports decision by the CAA to revoke Flybe’s operating…

shapps-supports-decision-by-the-caa-to-revoke-flybe’s-operating…

Shapps supports decision by the CAA to revoke Flybe’s operating…

Shapps supports decision by the CAA to revoke Flybe’s operating licence – losing its Heathrow slots
2021-06-07 09:56:00
Flybe collapsed into administration in March 2020. It had some slots at Heathrow because it was given them under “remedy” procedures aimed at preventing British Airways from dominating the market.  The (how many?) pairs of slots, which prior to the pandemic changed hands for up to £52 million each are still believed to be worth about £10m despite the impact of coronavirus.  When Flybe failed, the slots were allocated back to BA last summer. Flybe still had the right to access them – but only if the airline had an operating licence after June 3.  But now Grant Shapps has supported a decision by the Civil Aviation Authority to revoke Flybe’s operating licence. The slots therefore remain with BA.  Had Flybe been granted the licence, it could have meant a lot of money of hedge fund manager, Lucien Farrell of Cyrus Capital.  Flybe has been bought by a new company called Thyme Opco, now called Flybe Limited.  It hopes to resurrect the brand (though it has always made a loss) and wanted those valuable slots, but has been awarded separate but less valuable slots at Manchester and Birmingham airports.  .Tweet     Shapps stops hedge fund boss from cashing in on Flybe’s Heathrow slots Transport Secretary backs Civil Aviation Authority’s decision to revoke operating licence for the failed airline By Oliver Gill,  CHIEF BUSINESS CORRESPONDENT (Telegraph) 6 June 2021 Grant Shapps has intervened to prevent a Mayfair hedge fund manager from cashing in on take off and landing slots at Heathrow owned by Flybe worth tens of millions of pounds. The Transport Secretary supported a decision by the Civil Aviation Authority to revoke Flybe’s operating licence on Thursday. Had the decision not been rubber-stamped, Lucien Farrell of Cyrus Capital would have been free to transfer slots at Heathrow airport to a new ­company hoping to resurrect the Flybe brand after June 3. Mr Farrell – whose friends include Ben Elliot, the nephew of the Duchess of Cornwall and co-chairman of the Conservative Party – could then have sold seven pairs of slots, which prior to the pandemic changed hands for up to $74m (£52m) each. They are still believed to be worth about £10m despite the impact of coronavirus. Flybe collapsed into administration in March 2020 with the loss of 2,000 jobs. Cyrus previously owned the ­carrier alongside Sir Richard Bra

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