Monarch gets £165m cash injection from Greybull to stay afloat

Monarch has received a £165m investment form its majority shareholder Greybull Capital.

The airline, which had until the end of the day on Wednesday to prove to the Civil Aviation Authority that it had sufficient funds to stay afloat, said the investment has enabled it to successfully renew its ATOL licences for the next 12 months and fund future growth plants.

Chief executive officer Andrew Swaffield said: “It is testament to the extensive effort by all parties, over the past weeks and months, that we are able to announce the largest investment in our 48-year history, as well as the renewal of our ATOL licences.

“I’d like to thank the CAA, our shareholders, partners, loyal customers and the team at Monarch for helping us to achieve this successful outcome. We are now firmly focused on the future as a stronger Monarch.”

Monarch announced an order for 30 Boeing 737 MAX-8 aircraft back in October 2014, with options for a further 15 planes. The first of these is due to be delivered in 2018.

The airline said the arrival of these aircraft will allow it to enjoy significant operational cost savings.