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Monarch airlines says flights operating as normal | Monarch airlines says flights operating as normal |
(35 minutes later) | |
Budget airline Monarch says its flights are operating as normal following "negative speculation" about the firm's financial health over the weekend. | |
Monarch said it was "trading well" despite a difficult period for the industry because of terrorist incidents, Brexit and the weak pound. | Monarch said it was "trading well" despite a difficult period for the industry because of terrorist incidents, Brexit and the weak pound. |
The statement added that it expected to announce a significant investment in the coming days. | The statement added that it expected to announce a significant investment in the coming days. |
Investment firm Greybull Capital bought a 90% stake in Monarch in 2014. | Investment firm Greybull Capital bought a 90% stake in Monarch in 2014. |
Over the weekend Monarch's Twitter feed was full of speculation from customers asking whether the company was going bust. | Over the weekend Monarch's Twitter feed was full of speculation from customers asking whether the company was going bust. |
On Sunday a spokesperson denied those rumours, saying it had no idea where they were coming from. | On Sunday a spokesperson denied those rumours, saying it had no idea where they were coming from. |
Monarch said on Monday it expected to make more than £40m in underlying earnings by the end of its financial year in October. | |
Atol protection | |
It said in a statement: "Our flights are operating as normal, carrying Monarch passengers as scheduled. | 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." | "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." |
The airline is protected by the Air Traffic Organisers' Licensing (Atol) scheme - a government scheme which compensates customers if a travel firm collapses, and ensures they are not stranded. | |
Earlier this year Low Cost Holidays collapsed, without Atol protection, leaving 27,000 customers abroad. | |
Monarch employs around 2,800 staff and is based at Luton airport. | |
Majority owners, Greybull Capital, also bought a division of Tata Steel this year, as well as 140 M Local convenience stores from Morrisons, which subsequently went into administration. | Majority owners, Greybull Capital, also bought a division of Tata Steel this year, as well as 140 M Local convenience stores from Morrisons, which subsequently went into administration. |