The Virgin Atlantic-led consortium announced its plans to buy the embattled regional carrier earlier this month.

Now, in a trading update issued on Thursday (January 24), Flybe has confirmed Connect – which also comprises Stobart Group and private equity firm Cyrus Capital – wants to wrap up the deal by February 22.

The consortium’s offer of January 11 stands at 1p per share for Flybe’s entire operating business, Flybe Limited and Flybe.com Limited.

Connect reiterated its commitment to the deal by agreeing a £20 million bridging loan to keep Flybe afloat on January 15, the first £10 million of which has now been provided.

It has also pledged to honour the £80 million investment it promised when announcing its offer on January 11.

Thursday’s update added Flybe continued to receive payments from card acquirers and banks, ensuring it is able to keep trading in the interim.

“The sale to Connect Airways of Flybe’s trading subsidiaries is expected to complete by the longstop date of February 22, 2019,” the statement added. “This will not require shareholder approval.”

Earlier this week, an additional £1 million public subsidy for Flybe was agreed by ministers and local authority officials to tide it over, the Financial Times reports.

The deal, though, has irked Flybe’s largest shareholder Hosking Partners, which has reportedly instructed its lawyers to assess its options ahead of the proposed takeover.