Monarch Airlines has ceased trading with immediate effect, leaving 110,000 customers overseas and in the region of 300,000 future bookings cancelled. What was the 5th largest airline in the UK made the decision to stop trading in the early hours of Monday 2nd October. Previously, the largest ATOL company to cease trading was XL Leisure Group back in 2008, which had 43,000 people abroad at the time of the administration.
Customers who had flights booked to leave the U.K. are being asked not to travel to the airport as there will be no further Monarch departures. Customers who are currently abroad will have alternative flights arranged at no cost to themselves. To reiterate, all future Monarch bookings, including flights and holidays, have now been cancelled following a decision by the company's board to appoint joint administrators, which has resulted in the airline ceasing to trade.
Customers who booked a package holiday through Monarch will be able to claim a full refund through the ATOL scheme, on presentation of the ATOL certificate issued by Monarch. Visit the monarch.caa.co.uk web site for further information.
The CAA have setup a dedicated 24 helpline for anyone with existing bookings / travel arrangements (0300 303 2800 from in the UK and Ireland, and +44 1753 330330 from overseas).
Monarch Airlines was formed on 5th June 1967 and began commercial operations on 5th April 1968. Since 2010 the company has reported large pre-tax losses and just last year was the subject of a rescue package by holding company Greybull capital.