An artist's impression of Embraer aircraft following a rebranding of the regional carrier.
Just nine Embraer E175s and three E195s remain from the airline's original fleet of 25 Brazilian-built jets.
Virgin Connect has yet to announce an order to replace maturing Q400s and Embraer E-Jets, however industry speculation has linked the carrier with Airbus A220s.
Little Red offered links from Heathrow to Aberdeen, Edinburgh and Manchester using four Airbus A320s leased from AerLingus.
Virgin Atlantic's last foray into the UK domestic market, with Little Red in 2013, was a shortlived effort created in reaction to British Airways merger with bmi.
Little Red lasted a just 2.5 years before being wound up.
The Bombardier Q400 is the backbone of Flybe's fleet. Some 54 examples are in operation with the Exeter-based carrier.
Flybe is Europe's largest regional airline, operating 189 routes connecting 71 airports in 12 countries.
To take full advantage of the acquisition, Virgin Atlantic will likely adjust Flybe's arrival and departure times to complement long-haul offerings from Manchester and London/Heathrow.
An artist's impression of the Bombardier Q400 example.
Stobart Group is part of the Connect Airways consortium alongside Virgin Atlantic and Cyrus Capital Partners.
Connect Airways - Stobart Air's holding company - entered administration in March 2020 following Flybe's collapse.