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Flybe secures new aircraft funding

Flybe secures new aircraft funding

Flybe has managed to secure £322 million in funding to continue its expansion in Europe.

The regional airline is planning to use the money to buy 20 new Embraer aircraft over the next three years.

The first is being delivered this month, with the final plane being finished in time for July 2014.

They are part of a firm order for 35 new planes, which Flybe announced at the Farnborough Air Show in 2010. The airline also has an option for a further 105 Embraer planes, which carry 78-88 passengers and have a range of 2,000 nautical miles, although this has not been exercised yet.

Flybe chief executive Jim French explained that this demonstrates how the airline is in "robust financial health" and it is an "important milestone".

He said: "In the current challenging economic environment, I believe this very significant financing is a great testament to Flybe's recognised strength within the aviation finance community.

"The Embraer E175 delivers the right economic and environmental performance for the sector lengths we are most interested in exploiting in Europe."

Copyright Press Association 2011

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