Monarch Airlines, the Luton-based airline that was preparing to relaunch six years after collapsing, has announced that it is temporarily halting its plans due to the rapid depletion of its start-up funding. The decision was made as the company was nearing the end of its investment capital sooner than anticipated.
.gif)
The company, which operated out of London Luton Airport, confirmed its new headquarters would be in the Bedfordshire town. Monarch Airlines collapsed in 2017, with more than 1,800 workers made redundant and the flights and holidays for about 860,000 people being canceled. Monarch has announced that the airline and the holiday company have been transferred to new ownership.
The firm had its origins in a travel company founded in 1928, with the airline established in Luton in 1968. According to Companies House, the new incarnation of the firm was founded in January. A new website and social media accounts have also been launched.
A spokesperson for the company said: "On the 18th of August we completed the critical first step in our mission to relaunch a much-loved name in UK travel when Monarch Airlines and Monarch Holidays were passed into new ownership. We're now building a brand new Monarch and can't wait to share more with the traveling public in the very near future." It remains to be seen how this setback will affect Monarch's plans for relaunching. The airline industry has faced numerous challenges in recent years, and it will be interesting to see how Monarch navigates these challenges as it works towards its goal of returning to the skies.