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Author Topic: FlyBE taken over  (Read 1804 times)
grahame
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« on: February 22, 2019, 10:24:57 am »

EDIT TO ADD .. it has been pointed out to me that the article I am quoting is a month old ... please read with that in mind.  HOWEVER it is broadly confirmed today as you'll see from posts later in the thread.

FLYBE takeover just announced: https://www.bbc.co.uk/news/business-46834827

New topic required..... Tongue

Quote
Flybe is being bought for 2.2m by a consortium including Virgin Atlantic and Stobart Group.

It will operate under the Virgin Atlantic brand, marking a return by Virgin to domestic flights, following a failed attempt five years ago.

Based in Exeter, Flybe carries around eight million passengers a year from airports such as Southampton, Cardiff and Aberdeen, to the UK and Europe.

The deal needs shareholder approval, but is already backed by the board.

The move comes after Flybe's profits warning in October .

[article continues]
« Last Edit: February 22, 2019, 12:23:18 pm by grahame » Logged

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TaplowGreen
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« Reply #1 on: February 22, 2019, 10:55:12 am »

A good move for all concerned
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The Tall Controller
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« Reply #2 on: February 22, 2019, 11:21:18 am »

Except for some Flybe staff who are now facing redundancies in order to streamline the business.
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Surrey 455
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« Reply #3 on: February 22, 2019, 11:51:16 am »

That BBC story is over a month old, dated 11th January. I've found this dated today though. https://www.bbc.co.uk/news/business-47329014
« Last Edit: February 22, 2019, 12:05:35 pm by Surrey 455 » Logged
grahame
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« Reply #4 on: February 22, 2019, 12:21:19 pm »

That BBC story is over a month old, dated 11th January. I've found this dated today though. https://www.bbc.co.uk/news/business-47329014


Oh gosh - so easy to miss a datestamp on something that comes up on the feed. Thanks for the alert
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Thatcham Crossing
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« Reply #5 on: February 22, 2019, 02:21:40 pm »

Quote
That BBC story is over a month old

The news of the Virgin, Stobart and Cyrus (US Venture Capitalist) take-over is indeed over a month old, but the deal has effectively been closed today https://www.bbc.co.uk/news/business-47329014

It's still subject to Shareholder approval, but effectively the above means that the assets and operation is now sold, and that the vote due on 4th March only relates to the shell of the Company that remains, for which they will receive 1p per share if they vote in favour.

I read elsewhere that a senior pilot, who spoke out publically about how the current CEO and board have managed to ruin what was a viable business over the last 2 years, has been suspended.

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eightonedee
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« Reply #6 on: February 22, 2019, 09:47:51 pm »

I have used them a number of times from Southampton - a much more pleasant experience than Heathrow or Gatwick on those occasions when getting to Scotland for a short trip outweighed the pleasant experience of taking the train, and also to get to Amsterdam, Ireland, Spain and various obscure French provincial airports.

I have been surprised at how few people in the Thames Valley or Surrey seem unaware of their services - a bit like XC or the Gatwick line. However in recent times I've noticed that they have cut quite a few of their route, especially some of their French routes (no more Beziers Cap D'agde), so I guess that they've struggled to make them pay. I hope the new owners keep a reasonable number of routes to Southampton going.

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Over to the shareholders, then. Stobart already have a toe in the door, via William Tinkler (12.2% holding). He is on a number of Stobart's boards, and was previously MD of WA Holdings, former owners of Carlisle Airport.

Stobart and Tinkler have fallen out in a big way - allegations of falling well short of proper standards of coporate governance on his part, and he's recently lost a court case,  see https://www.standard.co.uk/business/stobart-group-claims-victory-in-high-court-battle-with-andrew-tinkler-a4068141.html-
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grahame
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« Reply #7 on: February 22, 2019, 10:09:24 pm »

(no more ... Cap D'agde)

'twas always a problem selling luggage space on that one ...  Grin

Flying from Southampton is so much ... better ... than from one of the London airports but, yes, it's a well hidden surprise to many people I speak to.
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chuffed
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« Reply #8 on: February 23, 2019, 09:18:49 am »

Flew with Easyjet back from Glasgow yesterday and landed 25 minutes EARLY.  Had used Flybe the day for a return trip Glasgow to Belfast.Worth noting that I was able to use my Concessionary bus pass on the A2 service which follows the old A1 route through Bedminster and turns left at the Redcliffe roundabout and leaves /departs at stop B1 outside Lewins Mead instead of the bus station. Much better than paying 8 pounds single on the A1.
« Last Edit: February 23, 2019, 08:24:42 pm by chuffed » Logged
TaplowGreen
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« Reply #9 on: February 23, 2019, 09:34:30 am »

I have used them a number of times from Southampton - a much more pleasant experience than Heathrow or Gatwick on those occasions when getting to Scotland for a short trip outweighed the pleasant experience of taking the train, and also to get to Amsterdam, Ireland, Spain and various obscure French provincial airports.

I have been surprised at how few people in the Thames Valley or Surrey seem unaware of their services - a bit like XC or the Gatwick line. However in recent times I've noticed that they have cut quite a few of their route, especially some of their French routes (no more Beziers Cap D'agde), so I guess that they've struggled to make them pay. I hope the new owners keep a reasonable number of routes to Southampton going.

Quote
Over to the shareholders, then. Stobart already have a toe in the door, via William Tinkler (12.2% holding). He is on a number of Stobart's boards, and was previously MD of WA Holdings, former owners of Carlisle Airport.

Stobart and Tinkler have fallen out in a big way - allegations of falling well short of proper standards of coporate governance on his part, and he's recently lost a court case,  see https://www.standard.co.uk/business/stobart-group-claims-victory-in-high-court-battle-with-andrew-tinkler-a4068141.html-

I'd suggest that as most people in the Thames Valley are within striking distance of Heathrow, Southampton airport probably wouldn't be a practical option?
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Bob_Blakey
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« Reply #10 on: February 23, 2019, 10:10:33 am »

Once Flybe rid themselves of the very expensive Embraer 195's, and thus the associated high leasing charges - something that is programmed for completion in April 2020 -  I suspect the company will return to a reasonable level of financial health, particularly if they are able to properly market the advantages of being a Virgin Atlantic feeder airline.

However apart from a wish to not see an Exeter-based company go to the wall, purely to the benefit of their employees, I have very little interest in this saga having ceased to be a Flybe customer about 8 years ago. This after they accrued 13 hours of delay on two of my flights (Exeter > Belfast 7 hrs, Exeter > Guernsey 6 hrs) and then refused to countenance any form of compensation. Both delays BTW were due to unserviceable aircraft but that was apparently not their problem. Flymaybe indeed!
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eightonedee
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« Reply #11 on: February 23, 2019, 11:06:28 am »

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I'd suggest that as most people in the Thames Valley are within striking distance of Heathrow, Southampton airport probably wouldn't be a practical option?


TG - once you take into account-

1 - Much shorter check in/baggage recovery times
2 - Compact terminal with short distance to gates
3 - Station just the other side of the road to the terminal building
4 - Cheaper carparking much closer to the airport with short transfer times
5 - Ready access to M27, M3 one junction away, A34 not far further, which while busy is seldom anything like as bad as the M4 and M25 around Heathrow, and much closer to Reading/Newbury/Oxford than Gatwick, or by train via Basingstoke and Reading (direct XC trains to Reading & Oxford)

It's all much more convenient - try it sometime if you are going to Scotland, Dublin or those airports in Europe it serves (that is if they are not conveniently on the rail network or time is important)!
« Last Edit: February 23, 2019, 11:16:29 am by eightonedee » Logged
LiskeardRich
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« Reply #12 on: February 23, 2019, 11:15:38 am »

Except for some Flybe staff who are now facing redundancies in order to streamline the business.

Some redundancies could be seen as better than all redundant, as the alternative being mooted was liquidation.
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TaplowGreen
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« Reply #13 on: February 23, 2019, 02:44:33 pm »

Quote
I'd suggest that as most people in the Thames Valley are within striking distance of Heathrow, Southampton airport probably wouldn't be a practical option?


TG - once you take into account-

1 - Much shorter check in/baggage recovery times
2 - Compact terminal with short distance to gates
3 - Station just the other side of the road to the terminal building
4 - Cheaper carparking much closer to the airport with short transfer times
5 - Ready access to M27, M3 one junction away, A34 not far further, which while busy is seldom anything like as bad as the M4 and M25 around Heathrow, and much closer to Reading/Newbury/Oxford than Gatwick, or by train via Basingstoke and Reading (direct XC trains to Reading & Oxford)

It's all much more convenient - try it sometime if you are going to Scotland, Dublin or those airports in Europe it serves (that is if they are not conveniently on the rail network or time is important)!

I live 20 mins from Heathrow, no need for car parking. 1 hr 30 mins from Southampton, so it's no contest really.
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grahame
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« Reply #14 on: February 23, 2019, 03:19:32 pm »

I live 20 mins from Heathrow, no need for car parking. 1 hr 30 mins from Southampton, so it's no contest really.

We're back to fuzzy (or not so fuzzy) catchments.  Southampton journey times by train:
25 minutes to Basingstoke
45 minutes to Reading
40 minutes to Woking

From Melksham ... on the rare occasions I fly, I'll choose (roughly in order) Southampton, Gatwick, Bristol and Heathrow - based on where I'm flying / what's available and also on any major price differences. All, frankly, bloomin awkward for one reason or another; if I was a major flyer, I wouldn't be living here!
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