Regional carrier Flybe has completed the sale of its assets to Virgin Atlantic-led consortium Connect Airways.

The deal to purchase Flybe was originally announced last month, with Virgin Atlantic creating the new company along with Stobart Group and Cyrus Capital.

A last-minute alternative rescue deal by a US consortium was rejected this week, leaving Connect Airways to complete the acquisition of Flybe’s assets and operations subsidiaries Flybe Ltd and Flybe Aviation Services Ltd.

Flybe Group PLC remains as a non-trading entity, with a 1p per share offer from Connect Airways yet to be accepted by shareholders. In a statement Flybe said:

“The Flybe directors strongly advise shareholders to vote in favour of the Scheme at the shareholder meetings on March 4, 2019 in order to receive the consideration under the Scheme of 1 pence per share as otherwise shareholders are likely to receive no value for their shares in the Company”.

The deal is likely to signal the beginning of the end for the Flybe brand – when the agreement was first announced Connect Airways said that “In due course Flybe will be rebranded to Virgin Atlantic”.

Flybe services continue to operate as normal, with the carrier this week having announced plans to operate daily flights between Heathrow and Guernsey, the first time there have been nonstop services on the route for some 20 years.