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Flight training school TG Aviation has surrendered their lease at Manston Airport.
The business has been based at the Thanet airfield for over 30 years but ceased operations last year and relocated to Lydd Airport when the site closed.
The Girdler family lost their High Court case in a bid to get an injunction against the closure despite having 50 years left on their lease.
Owner Mark Girdler is son of Ted, the founder of the family-run business.
He said: “Following the closure and subsequent sale of Manston Airport in 2014, the new and the former landowners have reached agreement with TG Aviation Ltd for the surrender of the leasehold premises from which it formerly operated and its orderly departure from the same.
“Both the new and the former landowners wish TG Aviation Ltd well in its ongoing and future flying training activities.
“It has been heart breaking but this should allow us to clear our debts and give us a chance to return to Manston should RiverOak want us to.
“We will continue on at Lydd and Pent Farm and will support the CPO with every fibre of our being.”
It was revealed today that Manston Airport owners plan to rename the site Stone Hill Park and feature 2,500 homes, a film production studio and a 50m Olympic swimming pool.