Helicopter flights from Cornwall to the Isles of Scilly will leave from Newquay Airport next summer until a new base is found.
British International Helicopters (BIH) has to sell its current site at Eastern Green in Penzance to raise cash to reinvest in the business.
It was forced to find an alternative base after facing opposition over plans to move to St Erth.
BIH said it was still committed to finding a new base in west Cornwall.
In a statement, the company said it would continue operating from its current location until 30 June 2012, after which it will operate the service from Newquay Airport.
BIH, which has operated the service since 1964, already has its aircraft maintenance and Navy support contracts based at the airport.
Sainsbury's supermarket has already been granted planning permission by Cornwall Council to build on the existing heliport site at Eastern Green.