Monarch Airlines wins £165m investment from Greybull
UK-based Monarch Airlines has secured an investment of £165m from its majority shareholder, Greybull Capital.
The investment has enabled the airline to renew its Air Travel Organiser's Licence (ATOL) with the UK Civil Aviation Authority (CAA) for the next one year.
Additionally, it would help Monarch in financing the 30 Boeing 737 MAX-8 aircraft, which were ordered in October 2014.
The $3.2bn order further includes option for 15 more aircraft, with deliveries scheduled from 2018.
Monarch Group CEO Andrew Swaffield said: “It is testament to the extensive effort by all parties, over the past weeks and months, that we are able to announce the largest investment in our 48-year history, as well as the renewal of our ATOL licences.
“I’d like to thank the CAA, our shareholders, partners, loyal customers and the team at Monarch for helping us to achieve this successful outcome.
“We are now firmly focused on the future as a stronger Monarch.”
The latest investment from Greybull is the fourth for the airline in a period of five years, reported The Telegraph.
In 2014, Greybull agreed to invest £125m in Monarch.
Employing around 2,800 people, Monarch Airlines currently operates flights from five UK bases to 40 destinations.
Apart from operating scheduled airline, the carrier is involved in tour operations and aircraft engineering (Monarch Aircraft Engineering) activities.