Flybe cutting 300 staff to save £35m

Flybe has warned it will axe 300 staff including a fifth of its management team in a bid to save £35m and try to pilot the airline back to profit.

The regional carrier added that although it doesn't expect "significant" changes at its 13 UK bases or on its routes, Flybe's entire network would face a "thorough review".

The turnaround plan sees the company split itself into two divisions: Flybe UK, covering all scheduled flights, and Flybe Outsourcing Solutions, dealing with contract flying and training. At Flybe UK it is aiming to break even on each seat by next year, make 60p per seat the next year and make a £3 profit on each seat by 2018.

Flybe lost £1.3m in the six months to 30 September, down from a £14.3m profit a year earlier.