Flybe’s billionaire owners spark fury by asking the Government to bail them out with £100million loan
- Operator saved from collapse last week by striking £10million deal with taxman
- Now the consortium that owns Flybe, Connect Airways, wants a short-term loan
- It has infuriated rivals, including British Airways-owner IAG and Ryanair
Flybe’s billionaire owners have sparked fury by asking the government to bail out the airline with a £100million loan.
The struggling operator was saved from collapse last week after striking a £10million deal with the taxman.
Now the wealthy consortium that owns Flybe, Connect Airways, wants a short-term loan.
Flybe’s billionaire owners have sparked fury by asking the government to bail out the airline with a £100million loan
It has infuriated rivals, including British Airways-owner IAG and Ryanair, who claim it is getting special treatment.
Ryanair boss Michael O’Leary dubbed any deal a ‘bailout for billionaires’.
Mr O’Leary even issued a legal threat warning it would take the Government to court over its intervention.
Last night, an IAG spokesman said: ‘Flybe’s owners have very deep pockets and they should be bailing out the airline not taxpayers.’
Chancellor Sajid Javid dismissed his complaints, insisting that the package of measures agreed last week were not state aid
But Chancellor Sajid Javid dismissed his complaints, insisting that the package of measures agreed last week were not state aid.
Connect comprises Cyrus Capital Partners, Stobart Group and Virgin Atlantic, which is half-owned by US giant Delta Airlines.
Ministers are set to decide on the loan within two weeks.