# Connect Airways Limited (11732177)

> Why UK company 11732177 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/11732177

- **Status:** Administration ended
- **Administration began:** 2020-03-10
- **Administrators:** Joanne Robinson, Lucy Winterborne, Alan Michael Hudson, Simon J Edel
- **Administrators' firm:** EY
- **Formerly:** Wright Bidco Limited
- **Incorporated:** 2018-12-18
- **Location:** London
- **Industry:** 64209 Activities of other holding companies n.e.c.

## Why it went into administration

- Funding withdrawn / unable to refinance
- COVID-19
- Weak consumer demand
- Energy costs
- HMRC / tax arrears
- Creditor pressure / legal action
- Brexit
- Competition / price pressure

## From the administrators' statement

The Company was formed in December 2018 to acquire the British regional airline, Flybe Group plc and its subsidiaries. The acquisition of the entire issued share capital of Flybe and Flybe.com Limited and related intercompany receivables from Flybe Group Limited (at the time Flybe Group plc) was successfully concluded on 21 February 2019 for consideration of £2.8m following approval by majority shareholders of Flybe Group ple. Connect also subsequently acquired the entire issued share capital of Flybe Group Limited (at the time Flybe Group plc) following a scheme of arrangement which received the sanction of the Court on 8 March 2019.

In addition, Connect acquired its respective shareholdings in both (a) Propius Holdings and (b) Everdeal and Everdeal Employees from Stobart Aviation on 21 February 2019 for cash consideration of £7.5m each with Connect also having issued unsecured loan notes to Stobart Aviation in the principal amount of £22.5m for the Propius Holdings acquisition and £2.5m for the Everdeal / Everdeal Employees acquisition.

Connect is a holding company with no trading operations. The Company is the sole shareholder of Flybe Limited, Flybe Group Limited, Flybe.com Limited and Propius Holdings Limited. The Company also held a 40% interest in Everdeal 2019 Limited and a 15% interest in Everdeal Employees 2019 Limited. Refer to Appendix E for a chart of the group structure.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/11732177/filing-history/MzI4MjkwOTI0MmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/11732177

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.