Business flyer Silverjet has revealed the name of its mystery backer.

The Luton company announced Viceroy Holdings LLC, an international luxury development fund based in the USA and UAE, is to loan it £8.4 million.

Viceroy is also expected to buy £4.3 million of shares in the exclusive Luton to New York airline.

Silverjet chief executive Lawrence Hunt said he was pleased an April 30 announcement about a Memorandum of Understanding had now become a binding conditional agreement and the company had secured the commitment of "a high quality, long-term strategic investor"..

"This investment means that Silverjet is now well placed, both financially and strategically, to exploit the opportunities which exist in the airline and all business class market - a market which we now dominate," he said.

The announcement comes only weeks after mounting speculation suggested the airline would follow its competitors Maxjet and Eos into bankruptcy as a result of increased oil prices.

Instead, the loan deal was met with a rise in the company's share price and also came in the same week the airline was able to boast increased passenger numbers.

Revenue seats for April were 10,594 from a possible 15,900 - up 3,452 on the same month last year.

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