Budget airline Flybe has collapsed into administration, the UK Civil Aviation Authority (CAA) confirmed early this morning.
Alan Hudson, Joanne Robinson, Lucy Winterborne and Simon Edel of EY have now been appointed as joint administrators for the company.
In a statement on its website, the regional airline confirmed that all flights have now been grounded and UK business has “ceased trading with immediate effect”. Travellers using the company have been advised to not travel to their destined airport.
A statement released by EY read: “Unfortunately it has been necessary to make the majority of the workforce redundant. Financial support for the Company has been withdrawn and Flybe will not be able to reschedule flights.
“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.”
Hudson said: “Despite an agreement with the government to provide assistance to the company, added pressures on the travel industry in the last few weeks have further deepened the severity of its financial situation.
“Flybe had already been impacted by rising fuel costs, currency volatility, and market uncertainty.”
He added: “As well as carrying out our duty as administrators, we are also supporting Flybe’s employees and customers at this incredibly difficult time.”
Flybe is the largest independent regional airline in Europe, carrying nearly eight million passengers a year between 81 airports across the UK and Europe. It has 210 routes across 15 countries, and employs 2,400 staff across the UK.