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Virgin Atlantic buys Flybe for $2.8 million

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Staff Writer |
Acquisition   The consortium will provide a 20 million pound loan

Virgin Atlantic has teamed up with Stobart Group and Cyrus Capital to buy Flybe for $2.8 million.

The consortium will provide a 20 million pound ($25 million) bridging loan facility to support Flybe’s working capital requirements and up to 80 million pounds of funding would be made available once the deal was completed.

Flybe, which operates routes from about 25 British airports, including domestic connections to London’s Heathrow, said its short-term performance had been hit by higher fuel costs, currency fluctuations and uncertainties presented by Brexit.

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