Monarch airport slots to go under the hammer

Monarch airport slots to go under the hammer

KPMG has won the right to sell airport take-off and landing slots from the defunct Monarch airline after a high court decision.

The organisation was appointed administrator by the carrier after it ceased trading earlier this month.

KPMG had temporarily been barred from selling the valuable assets after a court ruled the slots for summer 2018 no longer belonged to Monarch as it had gone out of business.

This opinion backed a decision by the independent body Airport Coordination.

However, administrators KPMG said earlier they had won an appeal against the ruling, meaning that they will be able to sell the slots to other airlines.

The slots, located at both Luton and Gatwick, are sought by easyJet, IAG, Wizz Air, and Norwegian Air Shuttle, among others.

Monarch owners, Greybull Capital, have the first call on the assets of the failed carrier, after which any surplus will be shared out among its creditors.

ADVERTISEMENT

Monarch comprises a scheduled airline, in-house tour operator and an engineering division.

The airline, founded in 1968, flew to over 40 destinations from five UK bases: London Gatwick, Birmingham, Manchester, Leeds-Bradford and Luton, where it was headquartered. 

The airline offered six million sector seats to leisure destinations, while the tour operating division offered package holidays across the airline’s scheduled network.