Monarch Airlines promises passengers ‘business as usual’ after delayed finance deal threatens thousands of holidays

MONARCH AIRLINES was yesterday scrambling for millions of pounds from its owner while trying to reassure passengers that it was business as usual.

Private equity firm GREYBULL CAPITAL said it was days away from announcing new investment.
Greybull has owned 90 per cent of the Luton-based carrier since its last near-collapse in 2014.

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And it is thought to be in talks with Chinese firm HNA GROUP, behind HAINAN AIRLINES, about a potential deal.

Monarch, which includes the COSMOS HOLIDAYS tour operator, was forced to reveal the fresh investment early after rumours about its financial health.

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The airline said the money would help it “weather tougher market conditions and fund ongoing growth”.

It said it was “trading well” and expected £40million of earnings by October’s financial-year end.

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Monarch’s Civil Aviation Authority licence is due to expire this week and it has been negotiating renewal.

It must prove it is financially robust and it is likely the CAA has asked for a cash injection.