The announcement of a major investment in Globespan Group is expected today.

Staff for Globespan, which owns Scottish package holiday and budget airline business, are currently completing a deal that will generate both upfront and future investments from investment company Halcyon Investments.

A spokesman said the investment package will be used to expand the business’ airline and associated products and services. He added he is confident the deal will be publicly confirmed later today.

Globespan chairman Tom Dalrymple said: “This is good news for the company, our customers and our staff.”

The Halcyon deal was initially confirmed a month ago following talks with a number of potential investors, but needed regulatory approval before it could be completed.

The spokesman also denied recent reports in the press that Globespan and its subsidiary Globespan Airlines was facing financial problems and on the brink of calling in the administrators four weeks ago.