Connect, which also includes New York-based hedge fund Cyrus Capital, has also paid £40 million to acquire Stobart Air, as well as Propius – Stobart Group’s aircraft leasing business.

Flybe’s assets and operations are now owned by Connect Airways and Flybe flights continue to operate as normal.

The airline now has no subsidiaries and no material assets except the cash that will be used for rundown costs.

Connect has offered 1p-a-share for the shell company, valuing it at £2.2 million, which still stands, and in the announcement today (Friday, February 22) Flybe’s board urged shareholders to accept it.

“Otherwise shareholders are likely to receive no value for their shares in the company,” the board warned.

If the scheme is not approved, the Flybe directors intend to take steps to wind-up Flybe Group plc.

Flybe said on Twitter: “Today’s 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.”