The move to sell the company to Connect Airways, a consortium comprising Virgin Atlantic, Stobart Group and hedge fund Cyrus Capital Partners, was approved at a general meeting of shareholders on Monday (March 4).
The majority of shareholders (83%) voted in favour of a special resolution allowing the sale of Flybe Group to Connect to be completed for the price of 1p per share.
Flybe’s shares on the London Stock Exchange are expected to be suspended from trading at 7.30am on March 11, with the last day of trading on Friday (March 8).
The airline has continued to operate as normal throughout the sales process and will be rebranded as Virgin Atlantic “in due course”.
Flybe Limited and Flybe.com, which own the airline’s assets, were sold to Connect last month for £2.8 million.
