Economic leaders are calling on the new bosses of Flybe to bring the airline back to Exeter.

Flybe could take to the skies next year after it was bought by a former shareholder, Thyme Opco Limited, headed by hedge fund boss Lucien Farrell.

Flybe’s business and assets, including the brand, intellectual property, stock and equipment have been sold to Thyme Opco Limited, a company affiliated with investment adviser Cyrus Capital.

Cyrus was a shareholder of Flybe, along with Sir Richard Branson's Virgin Atlantic in the Connect Airways deal, before its collapse in March.

BusinessLive newsletter: Get business news straight to your inbox

A spokesman for Thyme Opco said that while it plans to start off smaller than before, it expects 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.'

But there is no mention of it returning to Exeter.

Now, East Devon MP Simon Jupp, the Exeter Chamber of Commerce and the South West Business Council have all urged the new investors to make Exeter the centre of Flybe operations once again.

Flybe employed more than 2,000 people, half of them based in Exeter and was the operator of 80% of flights from the airport before its collapse.

The announcement on Monday (October 19) that Flybe, which collapsed earlier this year with the loss of thousands of jobs, is set to be revived has been met with cautious optimism.

East Devon MP Simon Jupp said in an open letter to its new owners: "I write to urge you to relaunch Flybe from the former headquarters next to Exeter Airport in the East Devon constituency. It provides an excellent plug and play option to get back to business."

He said Devon had the skills base needed to make Flybe a successful company once again and Exeter Airport could offer many profitable routes.

He said the airline industry needed help to cope with the collapse in business caused by the coronavirus pandemic and reform of the aviation tax model was needed.

"I will continue to push for support and reform to help regional aviation and would appreciate a conversation to discuss the future of Flybe at the earliest opportunity.

"I hope you bring Flybe home, where it belongs. We're ready."

The Exeter-based airline collapsed just before lockdown hit in March after running into financial trouble in January, with mounting losses prompting it to approach the government to seek emergency financial support.

When this wasn't agreed, coupled with the impact of the pandemic, the airline collapsed into administration.

No sale price has been disclosed and the deal must pass regulatory hurdles, including discussions on its landing slots and operating licence before being final.

But this new deal is expected to allow the business to restart operations under the Flybe brand in early 2021.

Paul Nero, of the Exeter Chamber of Commerce and Industry, said: "We have to be cautious but also cautiously optimistic.

"In this area we have expertise in airline jobs so would hope the new owners come in and pick up some of those people who will be itching to start. No one knows this brand better than the former employees.

"The Chamber will engage with the new owners. So far we haven't been in discussion with them about their plans. We need to get in touch with the joint administrators and find the right people at Cyrus Capital and try to engage with them."

The move has been welcomed by Tim Jones, chairman of the South West Business Council: "The investors behind this have already put a lot of money into the project and are willing to have another go which is very much to be welcomed.

"We don't know yet what this means for the former Exeter HQ but we would love to see Flybe back at the place where the business was first nurtured. What we do know is that having Flybe back will add greatly to the transport infrastructure of the South West and bring vital links for business and leisure travellers."