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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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