FLYBE could restart UK flights by the summer, a year after the airline went bust.

Despite collapsing in March 2020, the airline's assets and business have since been bought out.

According to Travel Weekly, a new company linked to investment adviser Cyrus Capital has bought the former airline's assets and aims to relaunch flights this summer.

The new business was previously know as Thyme Opco will now be renamed Flybe Limited.

In February 2019, it was bought by a consortium consisting of Cyrus Capital along with Virgin Atlantic and Stobart Group and following poor financial results.

A Flybe Limited spokesperson said: "We plan to launch a new and much improved Flybe sometime this summer on many of our former routes."

They 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.

“Today’s 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.”

Before going bust in March 2020, the airline flew approximately eight million passengers a year, both in the UK and Europe.

The airline began as Jersey European Airways in 1979, operating regional flights from Jersey.

Its route network grew and it was re-branded British European in 2000, before becoming Flybe in 2002.

The Exeter-based carrier was the largest independent regional airline in Europe and operated between 81 airports.

It flew to France, Germany, Ireland, Italy, Luxembourg, Netherlands and Switzerland, as well as the Isle of May, Guernsey and Jersey.

But Flybe was hit by a series of problems, including falling demand, rising fuel costs and the weakening of the pound.

A drop in demand for flights caused by coronavirus fears then "made a difficult situation worse" for the budget airline, a source reportedly told PA.

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