The regional British airline has cited Brexit as a key factor.
UK airline Flybmi has filed for administration and cancelled all of its flights with immediate effect, it has been announced.
The company has blamed rises in fuel and carbon costs and uncertainty over Brexit as contributory factors.
"It is with a heavy heart that we have made this unavoidable announcement," a Flybmi spokesperson said via
a statement.
"The airline has faced several difficulties, including recent spikes in fuel and carbon costs, the latter arising from the EU's recent decision to exclude UK airlines from full participation in the Emissions Trading Scheme.
"Current trading and future prospects have also been seriously affected by the uncertainty created by the Brexit process, which has led to our inability to secure valuable flying contracts in Europe."
The statement continued:
"We sincerely regret that this course of action has become the only option open to us, but the challenges, particularly those created by Brexit, have proven to be insurmountable.
“Our employees have worked extremely hard over the last few years and we would like to thank them for their dedication to the company, as well as all our loyal customers who have flown with us over the last six years.”
Flybmi has 376 staff and operates 17 planes flying between 25 European cities.
Those affected by flight cancellations have been told to contact their travel agents or insurance and credit card companies.
