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Esken Limited, the firm previously known as Stobart Group, has said it is in "advanced discussions" to sell Stobart Air and Carlisle Airport to Isle of Man start-up Ettyl Limited.

The aviation, infrastructure and energy group released a statement to the markets on Monday responding to "press speculation" that the virtual airline was set to buy Stobart Air and the North West airport.

The statement said: "There can be no certainty that an agreement will be reached or that the transaction will conclude as it remains subject to final contract matters and approvals.

"The company will make a further announcement as and when appropriate."

Back in March, Independent.ie that Ettyl has shown interest in buying Stobart Air, a regional operator of Aer Lingus, but that it had competition from aviation executive Ian Woodley.

Esken, whose assets also include London Southend Airport, also runs services for KLM Cityhopper and BA Cityflyer through its Stobart Air brand.

It was reported that little-known firm Ettyl could invest €25m into Stobart Air, which already has a fleet of 13 ATR planes.

In January, Stobart Group announced it would change its name to Esken Limited after two trademarks were sold for £10m.

The Carlisle-based aviation and energy infrastructure group sold the Eddie Stobart and Stobart trademarks to Eddie Stobart Logistics back in May 2020, and the name change took effect early this year.