Mon, 26 Sep 2016 | BUSINESS NEWS
Monarch Airlines has officially reacted to speculation over the weekend that the firm was in imminent danger of collapsing into administration.
A statement placed on the company website by the airline’s press office states:
“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."
The shareholder it is referring to is most likely to be Greybull Capital, which owns a 90 per cent stake in the airline, having already pumped £125 million of capital into the company in 2014.
The Monarch press release stated that the airline expected to make £40 million profit in the current financial year. The airline commented, "this is despite a difficult period for the holiday industry due to terrorist incidents, Brexit and the resulting devaluation of sterling".
The company’s social media staff seem to be working double-time to personally address comments made on Twitter suggesting the airline was about to close its doors: "the rumours are not true, all Monarch flights are operating as normal."
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