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Silverjet rescue deal breaks down

The deal to resurrect Silverjet has broken down and 420 staff been formally made redundant.

The airline’s administrators said “unusually complex negotiations with third parties” had scuppered a planned acquisition by a Swiss investment group through Irish-registered firm Kingplace.

The £50-million rescue deal, revealed on Tuesday, led to hope the all-business airline would resume flying within weeks after going into adminstration at the end of May.

Administrator Begbies Traynor said it would continue to negotiate the sale of Silverjet’s assets.

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