The carrier collapsed in March after struggling financially for years. The firm blamed the coronavirus pandemic and the resultant drop-off in demand as the final nail in the coffin.
Administrators EY said Flybe’s brand and remaining assets had been sold to Thyme Opco, a company affiliated to Cyrus Capital, which had invested money in a previous rescue bid in 2019.
Simon Edel, a joint administrator, said: 'The restart of this iconic brand, which was once Europe’s largest regional airline, will provide a potentially significant boost to aviation jobs, regional connectivity and local economies.'
A Thyme Opco spokesperson added: 'While we plan to start off smaller than before, we expect to create valuable airline industry jobs, restore essential regional connectivity in the UK and contribute to the recovery of a vital part of the country’s economy.'