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October 25, 2014 - On Friday, the British air
carrier Monarch Airlines reported the company
was sold to Greybull Capital LLP, a private
equity investment group which has acquired 90%
ownership interest in Monarch, with the
remaining 10% to be contributed to the Pension
Protection Fund (“PPF”).
Under the new arrangements Monarch Airlines will
reduce its current fleet size from 42 to 34
aircraft, reducing its Airbus inventory. The
company has selected Boeing to be its aircraft
supplier and has secured 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.
The company will end its long-haul and charter
service by April 2015, and closure of
East Midlands by the summer of 2015.
The company will increase flights on its
short-haul European leisure routes at five
U.K.
airport bases; London Gatwick,
Manchester, Birmingham, London Luton
and Leeds-Bradford.
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