LOGISTICS and infrastructure firm Stobart has completed its acquisition of Propius Holdings in a multi-million pound deal.

The Cumbrian company agreed to buy up shares in the aicraft leasing firm in November last year. It already controlled 67 per cent of the business and said it would purchase the remaining 33 per cent interest from Ireland's Aer Lingus.

In an announcement to the London Stock Exhange, Stobart confirmed that this $14.7m (£11.8m) deal had now been completed.

Stobart has also completed the acquisition of the remaining 19 per cent interest in Everdeal Holdings Limited, the holding company of Stobart Air, taking its interest in Everdeal to 100 per cent.

It comes after the company abandoned plans in December to sell Stobart Air to CityJet- the Irish airline behind plans for scheduled flights from Carlisle Airport, owned by the group - and instead announced it would run new flights from Southend Airport, which it also owns, under a deal with Flybe.

Warwick Brady, deputy chief executive of Stobart, said: "The aviation division is a key growth focus for the group over the next few years.

“The completion of the acquisitions of Propius and Stobart Air give us more control over our ability to continue to grow and develop our operations across the UK, Ireland and Europe, and to deliver our target of welcoming 2.5m passengers at London Southend Airport annually by 2018.

“We are now operating Stobart Air's regional services under franchise agreements with Aer Lingus and Flybe and aim to continue to grow with our partners whilst also attracting an increased share of London's 160m passenger, capacity constrained market to London Southend."

Propius recorded profit before tax of $2.8m (£2.25m) for the year ending December 31, 2016 and had gross assets worth $153.3m (£123m) listed at the time. As part of the deal, Aer Lingus has released security over certain cash balances of Propius and other group companies in exchange for a guarantee from other Stobart Group companies for an initial €18m (£15.3m) which is expected to reduce to €8m (£6.8m).

Stobart Group can trace its roots to the 1970s when it began as an offshoot of an agricultural contracting business in Hesket Newmarket.

It sold a majority stake in Eddie Stobart two years ago to concentrate on other interests principally aviation, warehousing and biomass.