Flybe has agreed to sell some of its Gatwick take-off and landing slots to Spanish low-cost carrier Vueling for £4.5 million following its take-over deal with Virgin and Stobart.

The regional carrier agreed a take-over deal with a consortium of companies called Connect Airways made up of Virgin Atlantic, Stobart Group and Cyrus Capital. Flybe will eventually be rebranded to Virgin Atlantic after the acquisition is completed.

Now Vueling, part of International Airlines Group (IAG), will buy the Gatwick slots from Flybe and pay in two tranches, according to a notice from Flybe to the London Stock Exchange.

It is believed the slots are connected to Flybe’s London-Newquay route, which is moving to Heathrow in March, and cover summer slots from this year onward.

The second payment in June will be for winter slots moving forward.

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