Monarch refuses to comment on ‘cash injection’
The Monarch Group has refused to comment on reports that it is in talks with its Swiss owner to get a cash injection amid continued tough trading.
The group behind Monarch Airlines and Cosmos is looking for as much as £60 million, reports the Sunday Telegraph, its third recapitalisation within five years.
It says the airline has been forced to cut prices on its flights this year after a hoped-for recovery in the industry failed to materialise, and as rivals easyJet and Ryanair added more flights to their existing routes.
The family, led by patriarch Sergio Mantegazza, injected £75m into the business in 2011, just two years after putting a further £45m into the business.
The Sunday Telegraph quotes sources indicating the equity injection talks are linked to Monarch’s confirmation last week of a $3bn (£1.75bn) jet order for 30 new Boeing 737 Max 8 airliners.
They say the expanded fleet will allow Monarch to continue to win new customers, as part of its network strategy focused on scheduled flights, rather than its traditional role as a charter carrier.
Monarch Group’s most recent results show the airline has been on the road to recovery of late, reporting a £5.9m pre-tax profit in the year to October 2013, after a £33m loss in the prior year.
Andrew Swaffield, former Thomas Cook, British Airways and International Airlines Group (IAG) executive, became Monarch airline’s new MD in April.
The airline is focusing on its customer service provision and moving towards its position as a pan European low cost airline.
Diane
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