Manston airport in Kent is to close next week with the loss of 150 jobs after attempts to find a buyer were unsuccessful.

An American firm's offer to purchase the airport was rejected and another bid for the loss-making airport was turned down in April. 

Last year, Manston was bought for just £1 by Scottish businesswoman Ann Gloag, who co-founded the public transport group Stagecoach.

Attempts to revive the fortunes of the airport were unsuccessful, however, and losses of £10,000 per day led to the decision to close.

US firm Riveroak Investments said it had made an offer to acquire 100 per cent of the shares in the company that owns the airport.

In a statement, the airport's owners said they had failed to identify a "viable alternative" that would allow Manston to continue operating.

"Proposals put forward by staff were carefully considered by the management and owners, but these proposals would still have required ongoing substantial losses be subsidised and therefore were not viable," the owners stated.