Flybe sale
could help
easyJet fly
even higher

The potential sell-off sent Exeter-based Flybe’s shares soaring more than 20 per cent on hopes of a much-needed cash injection of up to £20m, should it sell all its 25 take-off and landing slots at Gatwick.

The airline confirmed it is in sale talks with a “number of parties” – reported to include easyjet. A successful deal would bolster easyJet’s presence in the London market and help fuel its booming growth.

Flybe has endured a torrid time since floating on the stock market at the end of 2010, hammered by soaring fuel costs, falling passenger numbers and higher airport duty.

It is axing around 10 per cent of its 3,000-strong UK workforce to cut costs by at least £35m and is also reviewing its network of 13 UK bases, which include Bristol, Cardiff, Doncaster, Edinburgh and East Midlands.

Selling all the slots would see Flybe quit its main London hub, although it also flies a small number of planes from Luton airport.

Flybe flies to destinations including Belfast, Edinburgh, Glasgow, Guernsey, Jersey, Newquay and Paris from Gatwick.

Flybe said: “Discussions are ongoing and there can be no certainty as to whether any transaction will be forthcoming.”

Analysts at Espirito Santo said: “Realising value from its Gatwick slot portfolio could help Flybe reinforce its balance sheet.”

Flybe is expected to post another year of losses for the year to the end of March.

EasyJet declined to comment.