Formed in 1924 as a merger of

- the Instone Air Line Company, owned by shipping magnate Samuel Instone, 

- Noel Pemberton Billing's British Marine Air Navigation (part of the Supermarine flying-boat company),

- the Daimler Airway, under the management of George Edward Woods, and 

- Handley Page Transport Co Ltd,

.Imperial Airways was Britain's first national airline.

They seem to have recruited heavily from the available RAFVR pilots at the time:

RESERVE OF AIR FORCE OFFICERS.
The undermentioned are granted commissions in Class A, General Duties Branch, in the ranks stated. 19th Aug. 1924.
Flying Officer. Alan Colin CAMPBELL-ORDE. A.F.C.
Pilot Officer. Alfred John Clifford OVERAL.

The undermentioned Officers are confirmed in rank with effect from the dates indicated : —
Flying Officers.
26th Dec. 1923. Thomas Clelland LOWE, M.C.
27th June 1924. William Allan MACKAY, D.C.M.
2nd July 19241. Philip Thomas HUBBARD.
29th July 1924. John Anthony Archibald BARBER.
5th Aug. 1924. Charles Francis WOLLEY DOD, Horace Theodore TOWNSEND.
12th Aug. 1924. George Beacall POWELL, A.F.C.
19th Aug. 1924. Oscar Philip JONES, Arthur Sidney WILCOCKSON, Robert Murray Hamilton YOUNG.

Pilot Officers.
29th July 1924. Edwin Charles BROWN.
5th Aug. 1924. Arthur BARRON, Arthur Edwin BETTS, Arthur Leonard ROBINSON, Rene Fisk CATHROW.
19th Aug. 1924. Guy Tristram Eversley Bostock DORMAN,  Samuel Joseph WHEELER, 

The first 16 pilots also included

Robert Henry 'All-weather Mac' McIntosh

Leslie Allan Walters

Alan Bruce Hamilton Youell

Francis Joseph Bailey and Herbert John 'Horse' Horsey from British Marine Air Navigation

Walter George Raymond 'Hinch' Hinchliffe and Harry Sanders Robertson from The Daimler Airway

Franklyn Leslie Barnard from Instone Air Line Company

Frederick Dismore, Gordon Percy Olley, and Walter Rogers from Handley Page Transport Co Ltd