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Connect Airways (a company bringing together Virgin Atlantic, Stobart Group and Cyrus Capital) has agreed on a cash offer for the regional carrier, Flybe, amidst some financial concerns last year. Last November, Flybe issued a profit warning to shareholders and eventually put itself up for sale, whereby Connect Airways stepped in.

Stobart Group, in particular, had shown particular interest in acquiring Flybe earlier in 2018 but both parties pulled out of the deal after failing to reach an agreement. The members of Connect Airways will collectively be providing Flybe with a bridge loan of £20 million to ensure it’s continued operations and the carrier is expected to continue serving regional customers across its UK and Ireland routes under the Flybe brand for now but a rebrand under the Virgin Atlantic name can be expected in the future.