Connect Airways- which includes Virgin Atlantic Limited, Stobart Group and Cyrus Capital – have had a cash offer for the struggling airline accepted.
The new owners have confirmed that a £20m. bridge loan will support Flybe's ongoing operating costs, while a further £80m. will be provided to invest in the business and support its growth.
The announcement has come after the airline issued a profit warning last November, stating it expected to lose £22m. last year.
The new owners have pledged to improve the service and connectivity, as well as utilise the Virgin Atlantic brand.
Flybe, which operates in a franchise partnership with Blue Islands, offers services between Guernsey and Jersey, Exeter, Birmingham and Southampton.
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