As the final details of a take-over led by Virgin Atlantic are put in place, Flybe has agreed to sell a series of take-off and landing slot at Gatwick to Spanish budget carrier Vueling.

The deal is priced at £4.5 million.

It is reported the slots related to the current Gatwick-Newquay service.

Flybe will transfer the flight to Heathrow in March.

International Airlines Group-owned Vueling will pay the funds in two tranches, the first being receivable in the next few days.

In a notice to the London stock exchange, Flybe added: “The remainder is due in June 2019 in respect of slots to be used during the winter season in 2019 and subsequent winter seasons.”

Flybe in 2013 sold several slots at Gatwick to easyJet for £20 million as it sought to rationalise its operations.