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Monarch Secures £165m Investment
Posted on 13/10/2016 - 11:10
Doubts over the immediate future of Monarch Airlines have subsided after the British carrier confirmed a £165m ($201m) cash injection from majority shareholder Greybull Capital yesterday (October 12).
In a statement, Luton-headquartered Monarch said the investment from Greybull, which first bought its stake in Monarch in 2014 to the tune of £125m ($152m), resulted in the successful renewal of its ATOL licences from the CAA for the next 12 months while also funding future growth plans which include the addition of new aircraft.
Fleet expansion plans include an October 2014 order for 30 737MAX aircraft with 15 options.
The first of the Boeing narrowbodies is expected for delivery in 2018. Andrew Swaffield, CEO of the Monarch Group, said the airline is now “firmly focused” on the future as a stronger operation.