Carlisle Lake District Airport is to be bought by an Isle of Man-based company, it has been confirmed.
Ettyl Limited announced on Tuesday that it has signed agreements for the acquisition of Stobart Air and Carlisle Lake District Airport from the aviation and energy infrastructure group Esken Limited.
The sale is subject to certain change of control and bank facility consents and is expected to complete by early May 2021.
David Shearer, Executive Chairman, Esken said: "This has been a difficult and protracted process to conclude given the impact of the pandemic on air travel.
"Stobart Air remains a critical part of connectivity between Ireland and the United Kingdom and I am pleased that we have managed to secure the future of that business and its 480 staff under a new owner with ambitions to grow its network of routes.
"The sale of the airline presents a significantly better financial outcome than that resulting from a closure."
He continued: "The completion of these transactions will allow management to focus on the core operations of Stobart Energy and London Southend Airport, along with the aviation services business."