Mon, 02 Oct 2017 | ADMINISTRATION
Monarch Airlines went into administration in the early hours of the morning, causing the biggest peacetime repatriation of more than 110,000 customers who have been left stranded by the collapse, and who are due to be flown back on specially chartered planes.
The Civil Aviation Authority (CAA) chief executive, Andrew Haines, said: “We know that Monarch’s decision to stop trading will be very distressing for all of its customers and employees. This is the biggest UK airline ever to cease trading, so the government has asked the CAA to support Monarch customers currently abroad to get back to the UK at the end of their holiday at no extra cost to them.
“We are putting together, at very short notice and for a period of two weeks, what is effectively one of the UK’s largest airlines to manage this task. The scale and challenge of this operation means that some disruption is inevitable. We ask customers to bear with us as we work around the clock to bring everyone home.”
Monarch has been Britain's longest-serving airline brand and employs nearly 3,000 staff.
The union, Unite, has blamed the collapse on potential investors and buyers being deterred by the continuing uncertainty around Brexit and whether or not British airlines would be able to continue flights around Europe. Unite accused the government of refusing to give a 'bridging loan' to the airline to help prop it up. The ongoing threat of terrorism has also affected the airline's profits, as two of Monarch's biggest markets (Egypt and Tunisia) have been closed after terror attacks.
Search businesses for sale
Subscribe to the Business Sale Report
This represents a unique opportunity to acquire a profitable assisted nursing/living facility in the serene region of Yorkshire.
FREEHOLD
This is an opportunity to acquire a well-established company valued at over a million pounds, supported by a dedicated and hardworking team.
Opportunity to acquire a well-established dental practice in a prime North West London location, ideal for expanding your portfolio or stepping into practice ownership.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.