Airline Flybe collapses into administration

Flybe, Europe's biggest regional airline, has collapsed into administration.

The carrier narrowly avoided going bust in January but has continued to lose money.

A drop in demand caused by the coronavirus "made a difficult situation worse" for Flybe and administrators announced in the early hours of Thursday it had ceased trading with immediate effect.

Crisis talks were held throughout the day on Wednesday to try to secure a rescue package, but no deal was agreed.

In a statement, chief executive Mark Anderson said the company had made "every possible attempt" to avoid collapse but had been "unable to overcome significant funding challenges".

"The UK has lost one of its greatest regional assets," Mr Anderson said.

"Flybe has been a key part of the UK aviation industry for four decades, connecting regional communities, people and businesses across the entire nation.

"I thank all our partners and the communities we have been privileged to serve. Above all I would like to thank the Flybe team for their incredible commitment and dedication."

The company said all Flybe flights were immediately grounded and advised all passengers not to travel to airports unless alternative flight arrangements had been made.