Flybe is preparing to return to the skies this summer after the sale of the assets of the failed airline was completed.

The joint administrators who were brought in following the demise of the regional carrier have confirmed the deal with a new company affiliated with investment adviser Cyrus Capital. 

The airline, which had a hub based at Exeter Airport and also operated flights from Cornwall Airport Newquay, went into administration in March last year - with all flights grounded as a result.

The administrators confirmed that a new company, previously known as Thyme Opco, will now be renamed Flybe Limited.

The completion of the agreement - which was first signed in October - includes the transfer of Flybe jobs as well as assets and other parts of the business.

Speaking about the sale, Flybe Limited said that it is hoping to launch planes into the skies again this summer.

A Flybe spokesperson added: “We are extremely excited to announce the conclusion of almost six months of dedicated hard work by the great team at Flybe, the UK Civil Aviation Authority, the European Commission, and the many others who made this announcement possible.

“This news represents a critical first step in our mission to accomplish the first-ever rescue of an insolvent British airline.

“Subject to further success with vaccinations and relaxation of travel restrictions, we plan to launch a new and much improved Flybe sometime this summer on many of our former routes where there remains a critical need for a strong, reliable, and customer-focused airline.

“While our company will initially be smaller than before, we intend to grow, create valuable jobs, and make significant contributions to essential regional connectivity in the UK and EU.”