Troubled Flybe has completed its cut price sale to a consortium led by Virgin Atlantic.

In a statement on its Facebook page, the airline said: ’Today’s confirmation of the sale of Flybe to Connect Airways secures an exciting future for our customers and employees as we continue to provide vital regional connectivity in the UK and beyond.

’Our confirmed schedule operates as normal an you can book now.’

Connect Airways is a consortium of Virgin Atlantic, Stobart Air and an investment firm.

Flybe operates services to Liverpool, Manchester and Birmingham from Ronaldsway and is due to reopen a base in the island on April 1.

The £2.8m deal, working out at just 1p a share, came at a huge discount to the airline’s prevailing share price.

Flybe rejected an alternative proposals put forward this week by an investor group led by Bateleur Capital LLC and Mesa Air Group Inc, with the airline describing it as a ’preliminary and highly conditional outline contingency proposal’.

It insisted the offer from Connect was the only viable option that would allow the business to continue to trade successfully.

Earlier this month, shareholders were warned that the parent company would be wound up if they didn’t approve the separate takeover by Connect.

The sale of the operating businesses, Flybe Limited and Flybe.com Limited, didn’t require shareholder approval.