Dart confirmed the sale to Culina Group Limited in a note to the stock exchange on Monday morning (1 June).

"The board believes the transaction will enable the group to focus on its long-term strategy of growing its leisure travel business," said Dart.

It added he move would allow Fowler Welch to continue to "flourish and grow profitably" under new ownership.

Over the past decade, Jet2.com’s passenger numbers have grown from around three million to more than 14 million, while its Atol package holiday division Jet2holidays is now licensed to carry more than 4.8 million passengers.

Jet2holidays has gained significant market share in recent years as Thomas Cook cut its Atol licence before eventually collapsing in September last year. It provides package holidays to more than 550 resorts across the Mediterranean, Canary Islands and central Europe.

Jet2.com’s route network has grown to more than 70 sun, city break and ski destinations, operating from nine UK bases and is the UK’s third largest registered airline.