UK business airline Silverjet has suspended all flights as it struggles to cope with falling customer demand and rising fuel costs.

Shares in the company were suspended in May and the cessation of flights follows the failure to secure new funding.

"Silverjet continues to be in discussions with investors interested in supporting the business of Silverjet, however it has yet to conclude such discussions to its satisfaction," the airline said.

The company warned customers with tickets for Silverjet flights that other airlines were not obliged to accept them and urged passengers to make alternative arrangements.

The airline started up in January 2007 and operates three aircraft.

Already this year rival business airlines Eos and Maxjet have gone out of business.