A very short resurrection for Monarch, the British airline that ceased operations in 2017. Two weeks ago, the business was taken over, but the start-up funding has dried up quicker than expected. Strange as only a few days ago, the investors published a livery for the future airline. Not so as today, 31 August, they announced a “switch of plans“.
“It is with immense regret that we announce today that we have been forced to put the brakes on our process to relaunch Monarch,” the board wrote on the official website.
“This is not a decision that we have taken lightly, however since taking over the business two weeks ago we have drawn close to exhausted the start-up funding provided to us far more rapidly than anticipated.
We have been seeking alternative routes, such as partial divestment of share capital, and will continue to do so, however at the current stage there is no practical option to move forward in the immediate future.”
This post was published on 31 August 2023 18:08
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