Biggest ever airline collapse in the UK

Monarch, bankrupt, insolvent, cease trading, UK, brexit, leisure market, tourism, package holiday, flight, airport

Chaotic scenes this morning at airport terminals throughout Europe
There are chaotic scenes this morning at airport terminals in Europe and the UK, after Monarch Airlines, the UK’s fifth largest airline, ceased trading.
Hundreds of thousands of passengers discovered via text message or letter early on Monday that the company had folded, many of them in distress that their holiday plans had been ruined.
Flying mostly leisure tourists on charter and scheduled flights from the UK, around 110,000 customers are currently overseas in at least 11 countries such as Spain, Portugal, Italy and Greece, but also including Sweden.
Replacement flights are being organised to fly to 33 airports to bring them home.
Monarch Airlines’ 300,000 future bookings for flights and holidays have been cancelled. The process is the UK’s “biggest ever peacetime repatriation”, according to Transport Secretary Chris Grayling. It is the largest ever airline collapse in UK history. Monarch employs 2,100 people and reported a £291 million (€330 million) loss last year.
The collapse has been put down to a number of factors, including the struggle to reorient Monarch’s market away from Turkey, Egypt and Tunisia following the terror attacks there, overcapacity and depressed prices in the British short-haul leisure market, rising fuel costs and handling charges as a result of the weak pound as the Brexit process continues.


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