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Monarch Saved

NIGEL

Active member
Jan 11, 2012
7,997
0
36
Bolton England
#1
I'm sure some of you have known about Monarch and it's recent troubles. They had until midnight to sort their future out and they have made it, just!! BUT they will only fly to Corfu from Luton in 2015 and may resume the service from other airports when matters settle down. Little bit of what's gone on below.

24/10/14
Monarch achieves ₤200 million annual reductions – facilitating network restructuring and permanent competitive cost structure

THE BOARD of Monarch Holdings Limited (“Monarch” or the “Group”), the UK’s leading independent leisure travel group, is pleased to announce today the completion of its strategic review and restructuring programme under which it has secured ₤125 million of permanent capital and liquidity facilities provided by Greybull Capital LLP (“Greybull”) anchored by a ₤50 million capital commitment, with contributions from the Group’s prior shareholders, principally the Mantegazza family. Greybull also acquired 90% ownership interest in Monarch, with the remaining 10% passing to the Group’s defined pension scheme and ultimately the Pension Protection Fund (“PPF”).

The Civil Aviation Authority has renewed the Group’s ATOL licence.

Greybull is a family office that manages investments in private companies across a diversified range of industry sectors. Greybull will provide significant capital to Monarch in order to grow the Group and build on its long-established heritage and trusted brand name.

Under the leadership of new Chief Executive Andrew Swaffield, Monarch has undertaken a comprehensive strategic review of all areas of the business, from operations to ownership and financing. The aim of the review has been to create the optimum structure to realise the significant opportunity to build on Monarch’s respected brand and distinctive offer to its customers in the European scheduled leisure carrier market.

The main outcomes of Monarch’s strategic review and restructuring, which have led to the successful transaction with Greybull, are:

Optimise fleet from 42 to 34 aircraft, and revised agreements with lessors to either mark-to-market or early return of 10 aircraft from the current fleet
Securing a new Boeing fleet order for 30 737 MAX 8 aircraft with deliveries from 2018 to 2020, providing a cost-effective and uniform fleet by late 2020
Both long-haul and charter flying to end by April 2015
Airline network to specialise on Monarch’s ‘heartland’ of scheduled short-haul European leisure routes, with increased average frequencies, aircraft utilisation, productivity and profitability
Focus on five UK airport bases – London Gatwick, Manchester, Birmingham, London Luton and Leeds-Bradford – and closure of East Midlands from summer 2015
Material concessions agreed with employees across the Group to enable the successful restructuring, including reductions in pay of up to 30%, with more than 90% of unionised staff voting to accept changes, and some 700 redundancies, two-thirds of which were voluntary.
 
G

Guest

Guest
#3
They should have made their peace with Olympic a few years back; they were always going to be in trouble on their own.
 
Jan 11, 2012
358
0
16
United Kingdom
#4
I've checked flight for next year from Birmingham to Corfu none listed F/O but on holidays/flight they list Small Planet !? Olympic list Thomson and Thomas Cook flights!
Ah well I liked Monarch from Birmingham
Gerry
 

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