Monarch airlines busted, as a result 300,000 bookings are cancelled.

Monarch airlines busted, as a result 300,000 bookings are cancelled.
Monarch airlines busted, as a result 300,000 bookings are cancelled. Source: JetPhotos

LONDON — One of the UK’s oldest airlines Monarch Airlines has gone into administration after failing to secure its financial position for future over the weekend.

Monarch Airlines, One of the UK’s oldest airlines, announced it was ceasing trading on Sunday. It is the largest ever administration of a UK airline.

All future flights have been immediately cancelled, affecting an estimated 300,000 bookings.

 

Announcement for cancellation of bookings and Monarchs administration take over was confirmed, when they tweeted on twitter and requested their passengers, not to go to airport, as all the bookings are cancelled and all their flights will not fly.

They apologized their customers in a tweet and asked their customer to read details at their website.

 

More than 105,000 passengers are now stranded abroad as a result of Monarch’s administration and the UK’s Civil Aviation Authority (CAA) is stepping in to put on emergency flights to bring people home.

Monarch was in financial trouble since September last year, when news came in a leading news website. But at that time, airline strongly denied that it was in trouble. Airline also received a funding injection from several supporters but Airline failed to bring airline back to success path. Monarch lost £291 million in the year to October 2016.

About Monarch Airlines

Monarch, based in Luton, was founded in 1967 and ran flights to the Mediterranean. as a subsidiary of Globus Getaway Holdings, with financial backing from the Swiss Sergio Mantegazza family. At the time of Monarch’s inception, the Mantegazza family were the owners of UK-based tour operator Cosmos Tours.

Monarch began commercial airline operations on 5 April 1968, with a charter flight from Luton to Madrid using a Bristol 175 Britannia 300 turboprop formerly operated by Caledonian Airways. The airline’s initial fleet comprised two Bristol Britannias.

The airline acquired additional Britannias from the administrators of British Eagle in 1969, its second year of operation. This was the first time the company carried 250,000 passengers within a 12-month period, utilizing a fleet of six Britannias. – Source Wikipedia.

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