Scottish airline Loganair has been been withdrawn from sale, with no reason given for the change of plan.

Brothers Stephen and Peter Bond, who have had sole ownership of the Glasgow-based business since 2012, appointed advisers last October o find a buyer for the largest regional airline in the UK,.

It has been operating for more than 60 years, with more than 900 staff and routes to more than 40 destinations.

In a statement the owners said: “There has never been a time-bound reason for the sale of Loganair, and we remain committed to the company until both the right time and custodian to acquire the company is chosen.”

They said the “suspension of the sale process” would allow them to complete a fleet renewal programme, which is expected by the first quarter of 2024.

A multi-million pound refurbishment programme and upgrade of systems for Loganair’s 13 Embraer 145 Regional Jet aircraft is also underway and will be completed over the next 12 months.

A Loganair spokesperson said: “Loganair continues to trade profitably and free of debt – and Loganair’s management team welcomes Stephen and Peter’s ongoing commitment to supporting the airline, with which they have been involved for over 25 years.”