Richard Branson’s Virgin Atlantic and the Stobart Group are close to securing the takeover of embattled regional airline Flybe, according to reports in Sky News this evening.
Flybe, which recently reported a 54 per cent drop in half-year profits, could be acquired by a consortium led by Virgin Atlantic in an offer that would represent a lower value than the firm’s 16.4p closing share price today.
A move for the airline is expected to be announced on the London Stock Exchange on Friday, sources told Sky News.
The news comes after the Exeter-based regional airline put itself up for sale in mid-November weeks after issuing a profit warning, having been hit by rising oil prices and a weaker pound.
Virgin Atlantic, Stobart Group and Flybe did not respond to a request for comment.