The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Transportation / Storage Land, Water And Air Transportation Air Transport 51.1 - Passenger air transport
700 jobs Number of planned job losses
Announcement Date
24 October 2014
Employment effect (start)
1 April 2015
Foreseen end date
Description
Monarch Airlines has announced details of a significant investment of £125 million from Greybull Capital, which has acquired a 90pc stake in the company. The company announced that with the takeover 700 jobs would be lost.
As part of the investment package, there will be some scaling back of activities. The fleet of aircraft will be reduced from 42 to 34 and from summer 2015 the company will no longer fly from East Midlands Airport. The company will operate from 5 UK airports: London Gatwick, Manchester, Birmingham, London Luton and Leeds-Bradford.
Previously union members had voted to accept a 30pc pay cut in order to keep the company viable. Of the 700 announced redundancies it is reported that two-thirds of these will be achieved by seeking volunteers. It is not known when the job cuts will take effect.
Sources
25 October 2014: The Guardian
24 October 2014: Monarch Airlines (Press Release)
Citation
Eurofound (2014), Monarch Airlines, Merger/Acquisition in United Kingdom, factsheet number 77764, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77764.
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