Grounded executive flyer Silverjet could be back in the skies within weeks.

The business class-only airline ceased operations last month due to financial difficulties and many considered it the end of the Luton to New York company.

But administrators Begbies Traynor has announced that terms have been agreed with Kingplace Ltd to buy and relaunch the troubled, Luton-based airline.

Kingplace director Ian Ilsley said: "Kingplace can confirm that it has agreed terms with Begbies Traynor to acquire Silverjet.

"If these negotiations are successful, we expect to take on all of the existing staff, to honour Silverjet's existing customers' tickets and see Silverjet return to the skies in a matter of weeks."

Completion of the deal is expected by the end of this week and Silverjet chief executive Lawrence Hunt said he was delighted with the outcome.

"We will be working around the clock to launch our New York and Dubai services as quickly as possible and we will make an announcement about the date for relaunching our services in due course," he said.

Silverjet only begun operations in January 2007 and, despite never breaking into profit, was seen as a strong brand with a good business model.

But rising fuel prices, an economic down-turn and the non-arrival of a £2.5 million loan forced the company into administration.

Silverjet