Monarch expects ‘significant investment within days’
Monarch has moved to allay fears about its future, saying its flights are operating as normal and it will announce ‘significant investment in the coming days’.
Rumours circulated yesterday on social media that the company was in financial difficulties, with reports that aircraft were being flown in from the US to repatriate passengers.
Monarch’s social media manager Gemma Hyslop (pictured) worked tirelessly to address the speculation, replying to Twitter and Facebook posts, as well as issuing the following statement on the travel industry site Travel Gossip:
"Over the weekend, there has been negative speculation about Monarch’s financial health.
"Monarch is trading well and is expected to achieve an EBITDA of over £40m at the end of this financial year (October 2016). This is despite a difficult period for the holiday industry due to terrorist incidents, Brexit and the resulting devaluation of sterling.
"Our flights and holidays are operating as normal, carrying Monarch customers as scheduled.
"To weather tougher market conditions and to fund its ongoing growth, Monarch expects to announce a significant investment from its stakeholders in the coming days."
Her hard work was praised by agents, some of whom said she ‘deserves a medal’. Another said: "Tell your bosses you deserve an extra day off or lunch on them today."
It’s believed Monarch had been in talks with the Civil Aviation Authority about its financial position, but the company said rumours that it was going bust were ‘simply untrue’.
It is understood this injection of money will be enough to satisfy CAA requirements.
It said in a statement: "Our flights are operating as normal, carrying Monarch passengers as scheduled.
"To weather tougher market conditions and to fund its ongoing growth, Monarch expects to announce a significant investment from its stakeholders in the coming days."
Monarch suffered financial difficulties two years ago but was saved when investment firm Greybull Capital bought a 90% stake in the company.
Independent agent Steve Evans was among many who said Monarch now needs the support of the trade.
"Instead of speculating and scare mongering why don’t we try and spread the positive news and help Monarch Airlines. We as agents need to put concerned clients minds at rest," Evans said.
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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