Flybe is being bought for £2.2m by a consortium including Virgin Atlantic and Stobart.

The sale comes after the Exeter-based airline’s warning in October that it would lose £22m because of poor demand, a weaker pound and higher fuel costs.

Shareholders in Flybe will receive 1p a share, while the consortium, which also includes venture capital firm Cyrus, will inject £100m.

Flybe shares closed on Thursday at 16.38p.

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