Monarch seeks investment to take on budget big boys
BUDGET flyer Monarch Airlines is eyeing up an investment boost to help it soar past rivals.
It is believed that Monarch Group, owned by Switzerland’s Mantegazza family and whose businesses also include tour operations Cosmos and Avro, has appointed advisers to look for private equity investment. Monarch Group did not comment.
Under new managing director Andrew Swaffield the airline is expected to use the funds, as well as a £60million cash call, to take on the sector’s leading carriers easyJet and Ryanair on both price and service
Under new managing director Andrew Swaffield the airline is expected to use the funds, as well as a £60million cash call, to take on the sector’s leading carriers easyJet and Ryanair on both price and service.
Monarch, which flew back into the black last October with a profit of £17million compared with a £15million loss in 2012, recently announced a £1.75billion order for 30 new Boeing 737 MAX airliners.