The owner of Coventry airport has acquired a majority stake in Exeter airport for an undisclosed sum.

Rigby Group also acquired Newquay-based British International Helicopter Services through its aviation division last month.

Chairman Sir Peter Rigby said none of the 300 jobs at Exeter airport were at risk following the purchase of the stake from infrastructure group Balfour Beatty.

He added that it would like to add more routes to the existing 40 that are currently flown from the airport, but added that this would be down to the individual airlines.

Sir Peter told the Daily Telegraph that he wanted to work with Exeter’s main carrier Flybe and to encourage other airlines to fly from the airport.

He said he had purchased the airport as he “believes in the importance of regional airports and of their value to the local and regional communities and of their important contribution and place in the local communities.

He added that he was “intent” on developing the group’s aviation business and did not rule out the possibility of working with more airports.