Connect Airways has acquired Stobart Air and its aircraft leasing division for £40 million and completed the purchase of Flybe for £2.8 million.

Connect Airways is a British consortium, was formed in December 2018 to acquire the assets of Flybe, which had put itself up for sale in November 2018 after issuing a profit warning in October 2018.

The purchase of the operating assets of the Flybe Group was completed on February 21, 2019.

The Combined Group intends for Flybe to continue as an independent operating carrier with a separate UK Air Operator Certificate (AOC) under the Virgin Atlantic brand. Stobart Air is intended to continue under a separate Irish AOC.

The Combined Group will operate independently to Virgin Atlantic under one management team, owned 40% by Cyrus Capital Partners, 30% by Stobart Aviation, a wholly owned subsidiary of Stobart Group, and 30% by Virgin Atlantic Limited, the holding company of Virgin Atlantic Airways and Virgin Holidays.

Flybe issued this short statement:

The confirmation of the sale of Flybe to Connect Airways secures an exciting future for our customers and employees as we continue to provide vital regional connectivity in the UK and beyond. Our confirmed schedule operates as normal.