Flybe has told investors it expects the takeover of the airline to be complete on February 22nd.

The regional carrier signed an acquisition deal with Connect Airways - a consortium led by Virgin Atlantic and Stobart Group - earlier this month.

Connect offered shareholder one pence per share, valuing the carrier at around £2.2 million.

However, Flybe failed to meet the conditions for receiving a promised £20 million bridge loan under the original takeover deal.

This followed a decision by credit card companies to clamped down amid fears over the financial security of the airline.

In response, Connect Airways has now provided the first £10 million of the £20 million secured committed credit facility referred to in the initial announcement.

It is hoped the cash will maintain the viability of Flybe until the takeover can be completed.

The transaction is now expected to close next month and will not require shareholder approval.