The group, which owns Southend airport, said it was "reviewing all options" in relation to the future of regional carrier Stobart Air and leasing firm Propius, including acquisition. Neither business is in administration.

Flybe collapsed in March when Connect decided to pull its funding for the business owing to the impact of the coronavirus crisis.

Stobart Group held a 30% stake in Connect, as did Virgin, with private equity firm Cyrus Capital Partners holding the remaining 40%.

It believes Stobart Air and Propius could have a "viable future", post-Covid-19, by working with existing Stobart Group franchise partner Aer Lingus.

"The company confirms it is reviewing all options in relation to the future of Stobart Air and Propius during this unprecedented time, including the possibility of acquiring the businesses from the administrators," said Stobart Group in a trading update.

"A range of discussions are ongoing, and there is no certainty that any transaction will take place.

"The board of Stobart Group believes Stobart Air and Propius have a viable future after Covid-19, and that by working with Aer Lingus as franchise partner, it can place the business on a secure footing and manage the impact of guarantee obligations in a controlled manner."

The group added its "legacy obligations" related to the sale and leaseback of aircraft dating to early 2017, including maintenance and fuel hedge arrangements "which cumulatively could potentially be significant".

"These obligations remained with Stobart Group after the Connect Airways transaction as they were scheduled to run off over a period of time and it was not possible for these to be released."