HOPES that Flybe could return to the skies have been dashed after rescue attempts for the airline were scrapped.
The UK airline went into administration last month, leaving thousands of Brits stranded after all flights were grounded.
However, there were hopes that Flybe could be bought out and resume operations.
Interpath Advisory, the insolvency practitioner, was believed to have been in talks with other airlines such as Air France and Lufthansa to buy out Flybe.
However, these have since failed – meaning the airline will not be bought out and will wind down.
Interpath said in a statement: "Discussions with parties regarding a sale of the business have now concluded.
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"Despite significant interest from a number of credible parties, it has not been possible to develop a transaction in the available timeframe and, as such, the joint administrators will now commence the process of winding-down the business and identifying options in relation to the sale of specific rights, interests and assets.
"As a result, a further 25 employees have been made redundant with immediate effect."
The airline began as Jersey European Airways in 1979, operating regional flights from Jersey.
When Flybe previously collapsed in 2020, it was responsible for around 80 per cent of Belfast City Airport's flights but recently made up about 14 per cent of flights.
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It returned with a plan to operate up to 530 flights per week across 23 routes, serving airports such as Belfast City, Birmingham, East Midlands, Glasgow, Heathrow and Leeds Bradford.
Before it went bust Flybe flew the most UK domestic routes between airports outside London.
However, the airline was hit by a series of problems, including falling demand, rising fuel costs and the weakening of the pound.
The sudden collapse of the airline last month left up to 75,000 customers grounded.
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