Flybe goes up for sale

The budget airline Flybe has put itself up for sale as a cocktail of rising fuel prices, the weaker pound and lower demand weigh on profits. Stobart Group and easyJet are among the contenders for all or part of Flybe’s business, after the Exeter-based airline said it is in discussions with a number of strategic operators about a potential sale of the company, in a statement to the stock market. Flybe’s announcement follows a warning last month that profits for the year would be significantly lower than investors expected because of a softening in the market – in part because of uncertainty surrounding the Brexit process. The weaker performance prompted a review of measures to cut costs and reduce the number of flights it makes, although Wednesday it said further action may be necessary. Flybe has appointed an investment bank, Evercore, to help to find a buyer, although it gave no indication of when or if a deal should be expected, or the identity of possible buyers.<br/>