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
Provides a range of fabrication services, manufacturing specialist components for a diverse client base. Each process is overseen by the business, including design, project management and installation. Offered for sale to facilitate growth under the...
LEASEHOLD
Indicative offers are required by close of business Friday 3rd April. The Business is able to produce cost effective robust solutions to companies predominately within the food and drink industry. Established refrigeration solution business. Strong y...
The business is a very well-established supplier to into the Education Sector, with additional links to The Prison Service, Hospitals, Theatres and Care Homes, all providing excellent opportunities for growth. Offers invited.
LEASEHOLD
|
27
|
|
Mar
|
Addison Lee acquired by consortium of investors | BUSINESS SALE
Addison Lee Group, London’s biggest private care hire ...
|
26
|
|
Mar
|
Leicestershire building products firm enters administration | ADMINISTRATION
Leicestershire-based System Building Products Limited has en...
|
25
|
|
Mar
|
Kaupthing plans sale of Oasis and Warehouse | BUSINESS SALE
Icelandic-owned UK women’s fashion retailers Oasis and...
Sign up to receive our acquisition alert emails to get your FREE guide
|
19
|
|
Mar
|
North East contractor enters administration | ADMINISTRATION
Newcastle-headquartered general building contractor P F Burr...
|
06
|
|
Mar
|
Major fashion label enters administration | ADMINISTRATION
East-London-based fashion label House of Holland has appoint...
|
04
|
|
Feb
|
Historic East Cumbria newspaper looking for buyer | ADMINISTRATION
The Cumberland & Westmoreland Herald, a 160-year-old East Cu...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources