Hundreds of job losses are expected following the collapse of Monarch Aircraft Engineering Limited. The former engineering arm of bankrupt holiday carrier Monarch Airlines had been put up for sale by its majority owner, private equity group Greybull Capital, in December.
Too many air passengers are flying without adequate protection against the insolvency of their airline, a government-commissioned review has reported.
The UK Civil Aviation Authority is gearing up for a huge number of claims from Monarch’s ATOL protected customers following the collapse of the airline. As the first week of the CAA’s ‘flying programme’ ends, 404 flights will have operated bringing home almost 80,000 people.
The joint administrators of Monarch Airlines and Monarch Travel Group have this afternoon confirmed that some 1,858 employees have been made redundant. Of these, 1,760 were employees of Monarch Airlines, while 98 were employed by Monarch Travel Group
Monarch has announced the biggest investment in its 48 year history as it seeks to allay concerns over its financial viability. The carrier has received a £165 million investment from its majority shareholder, Greybull Capital. As a result of this investment Monarch has successfully renewed its ATOL licences from the CAA for the next 12 months and funded future growth plans.
Monarch has confirmed that its Chief Financial Officer, Barry Nightingale, has decided to leave the business and will make the transition at the end of January. Chris Bennett, currently Deputy CFO, will be appointed as the new Chief Financial Officer.
The board of Monarch Holdings has announced today that Greybull Capital has been selected as the preferred bidder to acquire Monarch from the group’s shareholders, principally the Mantegazza family. Greybull is a family office with a focus on investing in private companies across a diversified range of industry sectors.
The Monarch Group has announced the appointment of Andrew Swaffield as managing director of its scheduled airline, Monarch Airlines, with effect from April 1st 2014. Swaffield joins Monarch Airlines from Avios Group, where he was managing director for seven years from 2006.
MAG, the owner of East Midlands Airport, and Monarch Airlines have announced an agreement to introduce flights to Malaga, Alicante, Palma and Faro from late summer 2012.
Scheduled leisure airline Monarch is launching new routes to Dubrovnik in Croatia and Heraklion in Crete. The flights will operate from Birmingham and London Gatwick airports from 1st May 2012 with fares starting from £29.
Scheduled leisure airline Monarch is launching new daily flights from London to Barcelona today, increasing to 11 flights per week from 30 October 2011, bringing the total number of scheduled destinations served by the airline from Gatwick to 13.
The scheduled leisure airline Monarch has launched new daily flights to Barcelona that will operate from 21 October with prices starting at £36 one way.