Monarch Air Gets GBP£165 Million Cash Injection

UK-based leisure carrier Monarch Airlines has arranged a GBP£165 million (USD$215.5 million) investment from its majority shareholder, Greybull Capital.

The airline said in a statement that as a result of the investment it has renewed its ATOL licenses for 12 months and will be able to fund its growth plans.

Monarch has a 30-aircraft Boeing 737 MAX 8 order, with deliveries due to start in the second quarter of 2018. It has options on a further 15 of the aircraft type.

The 737 MAX will replace older Airbus A320-family aircraft.

In late September, Monarch said it was “trading well”, but it was a “difficult period for the holiday industry due to terrorist incidents, Brexit and the resulting devaluation of sterling”.

Based at Luton Airport, north of London, Monarch is 90 percent owned by UK investment company Greybull. The remaining 10 percent is owned by the group’s pension fund.