I mentioned this on the adjacent thread about the RAF museum.
Very bad news. I went to a Classic Air force open day at Newquay last year. Very enjoyable, they had the Vampire and Meteor airborne, as well as the Dragon Rapide doing pleasure flights (I gave that a miss as it was a tad more than the ten bob I paid for my last flight in one!)
I understand that what has crippled them is the £250k pa rent which Cornwall Council have been charging them for the hangar. Considering that august body was basically made a gift of the site by the MOD, they havent covered themselves in glory in running the setup - certainly I think having them as a landlord was one of the factors which cause M.O'L. to bail out of Newquay a few years back.
I have suggested that once the hangar is empty the council might try setting up a whelk stall in it, although even then I am not sure how succesful the venture would be
Still, Cornwall's loss is Coventry's gain, so what with that, Cosford and Newark the Midlands are now very well catered for.