Flybe finance boss bales out as airline feels the pressure

Struggling airline Flybe on Tuesday saw its finance boss duck out of the emergency exit — quitting for the same role at materials manufacturer Low & Bonar.

Flybe has been under pressure recently, warning investors to expect losses this year due to weak demand.

But the regional carrier — which last month admitted that it had been forced to slash capacity and cut costs because of depressed demand and more competition from the railways — has managed to keep hold of finance director Philip de Klerk until October 1.

Flybe, under chief executive Christine Ourmières-Widener, said it has already started looking for a successor.

Airlines have been struck hard by Brexit and heavy competition — Flybe expects to fall into the red for the year to April in part due to a systems upgrade costing up to £10 million.

Shares rose 0.12p to 39.9p, but remain well below their pre-Brexit value: last April, they were worth almost 60p.