Business-only airline Silverjet has announced it has temporarily ceased flying as of today due to “unforeseen circumstances”.

Chief executive Lawrence Hunt said the business-class only airline has ceased operations and can not honour any future flight reservations for the time being.

However, he added the carrier is “working actively” with new investors to find new funds in order that the airline may resume operations and it is hoped that a more positive announcement could be made soon.

In a statement on its website, Hunt said: “Your belief in us was shared by our investors – but regrettably, due to unforeseen circumstances, they were unable to unlock the finance that we needed.

“As a result, we are very sad to announce that from 30 May 2008, we will cease operations and we are no longer able to honour flight reservations.

“We extend our sincerest apologies to those of you who have travel plans with Silverjet in the future and at present.

“You are advised to seek alternative travel arrangements with other carriers, and contact your credit card company or travel agent directly for information on obtaining refunds.”

The airline had suspended trading on the AIM market of the London Stock Exchange last week despite announcing in April that it had secured an agreement from an unnamed investor to provide $25 million in fund to ensure it could continue flying.