Shoreham Airport has been sold to a company with strong links to its former owner which hit financial turbulence.

The airport's former owner, Erinaceous Group PLC, went into administration on Monday with debts of more than a quarter of a billion pounds. All flights were grounded.

Yesterday the airport was sold to Albemarle Shoreham Airport Limited which is backed by Geoff Egan, who ran a company owned by Erinaceous.

The new owners of the airport already owned the commercial buildings at the Shoreham site.

A spokesman added: "Albemarle remains committed to the regeneration of the airport in accordance with the vision of the joint owning councils, when the airport was originally sold in June 2006.

"The airport reopens for business immediately and we are delighted this has taken place within one day of it going into administration."

But campaigners were less bullish. Eric Williams, the secretary of Communities Against Runway Expansion (Care), which keeps a watching brief over the airport, said: "Hopefully it's not out of the frying pan and into the fire and one of those deals where nothing really changes hands."

Albemarle Shoreham Airport Limited is itself owned by Albemarle Investment Syndicates, a fund owned by former Erinaceous employee Mr Egan.

An Erinaceous spokes man said the company was not behind the buyout.

He said: "Albemarle Investment Syndicates is an entirely separate investment fund. Its assets are not controlled by Erinaceous.

Its funds are under the control of Egan Lawson which is headed up by Geoff Egan.

His business was owned by Erinaceous but this is not.

"It is not Erinaceous money that has bought this, it's outside investors like you and me."

Neil Parkin, the leader of Adur District Council, the planning authority for the site, said: "It's not really our concern the goings on at big companies. I am just pleased it has been resolved quickly."

The Erinaceous Group appointed KPMG as administrators on Monday and trading on the company's shares on the Stock Exchange was suspended when the price fell to little more than 1p each.

Flights resumed at the airport yesterday afternoon.

Airport manager John Haffenden said he was glad to see aircraft in the air again.

He added: "We believe the uncertain times are all behind us and we are going to move forward with this new group and they have indicated that they are totally committed to the regeneration plan."

About 30 businesses operate from the airport, including SkySouth airline, flight training schools, small private jets and some commercial transport.