Andrew Tinkler has sold all his shares in Stobart Group.

The group's former chief executive held an almost five per cent stake, worth around £20 million.

He was the company's fifth largest shareholder, with 4.975 shares and his disposal was revealed in a filing to the London Stock Exchange earlier this week.

Mr Tinkler was sacked from Stobart Group, which owns Carlisle airport, two years ago in a heated boardroom battle which ended up in the High Court.

Stobart Group won the case in February.

The case, which followed Mr Tinkler's campaign to oust the company's chairman last year, found that he acted in breach of fiduciary duties in a number of ways, including speaking to investors, criticising management and pushing for the removal of then-chairman Iain Ferguson.

Judge Russen QC found that Mr Tinkler's dismissal by Stobart was lawful and its resolution to re-elect Mr Ferguson as chairman was valid.

Mr Tinkler's appeal was later dismissed and he was ordered to pay 55 per cent of Stobart's legal costs from the battle, understood to be more than £1 million.

Stobart Group is part of the consortium behind Connect Airways, which owns the troubled Flybe airline.

The consortium, which also includes Virgin Atlantic and Cyrus Capital Partners, bought it last year for £2.2 million.

Connect Airways was hailed as the only viable option after shareholders voted through the deal, despite attempts Mr Tinkler to take control, first in a solo bid and second heading up a group of investors.

In January of last year, he acquired a 12.23 per cent stake in Flybe, which he said at the time was an investment decision, and nothing to do with his dispute with the group.

Flybe has been given a second reprieve this week as the shareholders have pledged to inject more cash into it as the Government agreed to a review of Air Passenger Duty.

Mr Tinkler still owns shares in Eddie Stobart Logistics, which was spun out of Stobart Group in 2014.

It also faced collapse last year and the Isle of Man-based DBAY Advisors, already a major shareholder, took ownership.

Mr Tinkler also tabled an £80 million rescue bid for Eddie Stobart Logistics, which would have reinstalled him at the top, but shareholders voted by 80 per cent to back DBAY Advisors' proposals.