Confirming reports in the Sunday Times, Jonathan Hinkles, chief executive of Logainair, said: “The airline is trading profitably and has repaid its Covid-19 bank debt ahead of schedule. It will very much continue to operate as it is today, with no changes to routes, services or employment.

“Passenger numbers are growing and 50% ahead of pre-Pandemic levels, and our fleet renewal programme is also well advanced, continuing apace over the coming months.”

He added: “The Bonds – Stephen is now 72, Peter is 61 - are committed to finding the right future owner for Loganair, who will act as its custodian for the next generation, just as they and previous owners have done. In the meantime, they remain wholehearted supporters of Loganair until any process is successfully concluded.”