Monarch announcement ‘will calm trade fears’
Monarch Group is confident news of a takeover deal will calm fears among the trade about the company’s future.
The company said rumours and speculation about Monarch’s financial situation had been fanned because it was unable to comment until now when it announced Greybull Capital is its preferred investor and a deal should be completed by the end of October.
Chief executive Andrew Swaffield said: "The speculation has come largely from the fact that we haven’t commented on anything.
"What people should take from this is that we have a 46-year heritage and our preferred investor’s business proposition is to invest in British business and support the management team.
"The investors have been extremely impressed by Monarch’s structure and turnaround that is being implemented."
Swaffield added: "We appreciate that from the point of view of the trade and customers, some of the speculation has been concerning, however we hope that the announcement today will give some comfort as to the future of the business under new shareholders.
"It’s an exciting opportunity. Our message to the trade is that we are entering a new era. But it is a very competitive market."
The buyout will result in the Swiss-based Mantegazza family relinquishing control of the Monarch Holdings Limited, the UK parent company.
Part of the long-term plan involves turning the airline into a scheduled no-frills European carrier and dropping its charter operations.
The deal is expected to be completed at the end of October pending the successful completion of negotiations.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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