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.
The British carrier is in discussions with a number of strategic operators about a potential sale of the company, it said in a statement to the stock market.
The 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. The weaker performance prompted a review of measures to cut costs and reduce the number of flights it makes, although on Wednesday it said further action may be necessary.
Christine Ourmières-Widener, Flybe’s chief executive, said the airline has a “strategy in place that is working” but is suffering from “external headwinds”. A sale is one of multiple options being explored.
“We will look at the performance of each route,” she said, adding that reductions in the number of flights is also a possibility as the airline attempts to decrease its fleet size from 78 to 70. Redundancies were not planned because the airline will rely on natural attrition of staff numbers, she said.
Union bosses expressed concerns about the airline’s plans. Unite national officer Oliver Richardson said the announcement was unsettling for workers.
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