Britain's oldest airline flies into administration

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


Share this article



Latest Businesses for Sale

Provider of Fabrication Services
North East, UK

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...

Asking Price: Offers Invited
Turnover: £3,100,000

LEASEHOLD


Refrigeration Solutions Company (Fast Sale)
North of England, UK Wide

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...

Asking Price: Offers Invited
Turnover: £300k - £1m

Educational Workshop Machinery Design, Supply & Installation
UK Wide

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.

Asking Price: Offers Invited
Turnover: £1,600,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
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...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
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...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources