Virgin Atlantic in talks to rescue Flybe

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Flybe and Virgin Atlantic have confirmed they are in talks about a sale or closer alliance.

The move comes after cash-strapped Flybe put itself up for sale earlier this month.

Shares in Flybe had jumped 40% on media reports of Virgin’s interest.

Last month, Flybe warned its full-year losses would be £22m, blaming falling consumer demand, a weaker pound and higher fuel costs.

The Exeter-based airline said that Virgin was “one of the parties” it has been in discussions with.

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