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Monarch Airlines secures ATOL licence thanks to £165m investment package

Embattled budget carrier Monarch Airlines has announced it has secured the biggest investment package in its history and secured its ATOL license.

The airline, which had until 11.59pm tonight (Wednesday) to secure fresh investment before its operating licence expired, has received a £165m investment from majority shareholder Greybull Capital.

It means the airline, which had been facing the prospect of being unable to sell package holidays from Thursday, has now sealed its ATOL licence for another 12 months and can fund its future growth plans.

Andrew Swaffield, Chief Executive Officer of The Monarch Group, commented: “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.”