Soros invests £7m in Flybe

GEORE Soros, the billionaire hedge fund manager, yesteday emerged as a significant new investor in Flybe, the British low-cost airline, following its flotation.

The financier, famous for betting against the pound in the 1992 fiscal crisis, has acquired a 3.4 per cent stake though his Quantum Partners vehicle that will have cost more than £7m, according to regulatory filings yesterday.

Flybe yesterday said it had exercised its over-allocation of shares, raising another £6m and bringing in extra funds for float manager Bank of America Merrill Lynch.

Flybe, the UK’s biggest domestic airline, raised £60m by offering 20.3m shares at 295p last week. Its shares fell 2.75p to 337.25p yesterday in their first day of unconditional trading.