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11 January 2019, 10:09 | Updated: 11 January 2019, 10:11
Struggling regional airline Flybe is being sold.
The Exeter based airline Flybe is being sold to Virgin Atlantic and the Stobart Group.
The consortium which also includes Cyrus Capital Partners, is buying the airline in a £2.2 million deal.
They have agreed an offer of just 1p per share for Flybe, which put itself up for sale in November, blaming rising fuel prices and fears over Brexit.
Flybe chief executive Christine Ourmieres-Widener said "We have been affected by all of these factors which have put pressure on short-term financial performance.
"At the same time, Flybe suffered from a number of legacy issues that are being addressed but are still adversely affecting cashflows.
"By combining to form a larger, stronger group, we will be better placed to withstand these pressures. We aim to provide an even better service to our customers and secure the future for our people."
The plans will see the airline combined with Stobart Air and called Connect Airways.
Cyrus will own 40% of the new company, while Virgin and Stobart will take 30% each.
The three companies have committed to make a £20 million bridge available to support Flybe's current operations, while an additional £80 million will be provided to the combined group.