Andrew Tinkler has sold £5.6 million-worth of shares in Stobart Group.

The London Stock Exchange was informed of the disposal, which will see Mr Tinkler’s voting rights fall to 5.91 per cent from 6.93 per cent.

Mr Tinkler was the former chief executive of Stobart Group. He was ousted last year after a bitter boardroom battle that spilled over into the High Court.

He was removed for an alleged breach of contract.

They sued each other amid allegations relating to millions of pounds of expenses claims and vote-rigging at a company shareholder meeting.

Mr Tinkler and Stobart Group are currently waiting for the judgement of the case.

Last week, Mr Tinkler revealed he had acquired a 12.23 per cent stake in struggling regional airline Flybe.

Just days before that, a consortium led by Virgin Atlantic and Stobart Group, said it was buying Flybe for £2.2 million.

Mr Tinkler said in a statement about the Flybe shares: “My investment in Flybe has nothing to do with the ongoing dispute with Stobart Group board.

“It is purely an investment decision.

“I remain a significant shareholder in Stobart Group and will continue to work for the best outcome for all shareholders.”

The takeover was restructured after Flybe said it had failed to meet the conditions for receiving a promised £20 million bridge loan.

The consortium will now pay £2.8 million to take control of the main trading company Flybe and the online arm in a deal set to complete by February 22.

However, it has been reported that the takeover is under threat of legal action by Flybe's largest shareholder.

Hosking Partners, which owns almost a fifth of Flybe's shares has written to its board and city watchdogs about the deal.

It is not clear what it has taken issue with, as it has declined to comment directly about the complaint, but it is believed it is not happy with the structure of the deal.

Speaking to Sky News, a spokesman said the sales process "has not yielded a favourable outcome for all stakeholders".