UK airline Monarch has agreed a deal to receive a £165m investment from its majority shareholder, Greybull Capital. The move has enabled Monarch to renew its Air Travel Organisers’ Licensing (ATOL) membership which guarantees customers will receive refunds or return flights home should the company they have booked with fail.
The deal will also allow the airline to take delivery of a new fleet of Boeing 737 MAX which it ordered back in 2014.
Like many other European air carriers, Monarch has had a tough time recently due to the virtual collapse of several North African and western Mediterranean holiday markets due to the threat of terrorism.
However, Monarch’s Chief Executive, Andrew Swaffield, told the BBC Radio 4’s Today programme that his company was: “on the brink of transformation,” thanks to the biggest investment it has ever received.