The administrators of Flybe Limited have confirmed it has not been possible to find a buyer for the collapsed airline and that the “process of winding-down” the business must now begin.

According to David Pike and Mike Pink, Managing Directors of Interpath Advisory, there had been “significant interest from a number of credible parties”.

However, the joint administrators accepted that it had not been possible to “develop a transaction in the available timeframe”.

“Over the past two and a half weeks, we’ve held intensive discussions with a number of operators with a view to rescuing the airline and preserving the value in its assets,” said David Pike of Interpath.

“Unfortunately, there was a challenging set of circumstances at play, including the ‘use-it-or-lose-it’ rules related to slots, complexities with European recognition of a potential Temporary Operating License and the high costs associated with preserving the company’s operating platform, which meant there was a limited window in which a clear path forward could be set.”

There was speculation that larger airlines such as Air France-KLM and Lufthansa were interested in purchasing Flybe.

“It was clear from the outset that there was only a limited number of parties who had the necessary strategic fit and who could navigate the complexities of such a transaction to get a deal over the line. We thank those parties for their engagement,” Pike added.

News that discussions for a buyer had failed meant a further 25 employees were made redundant with immediate effect.

Interpath Advisory thanked stakeholders, including the CAA and the Company’s lessors, and Flybe employees who had been working closely with the administrators at a difficult time.