Monarch boss ‘absolutely devastated’ after airline’s sudden collapse
London — The boss of Monarch Airlines said he was "absolutely devastated" by the failure of Britain’s fifth largest carrier, which wrecked the holiday plans of hundreds of thousands of tourists and left most of its staff out of work. The collapse of the airline was a result of higher competition and lower prices in Spain and Portugal due to security concerns in other holiday destinations, CEO Andrew Swaffield told BBC radio in an interview. "Yesterday was a heartbreaking day; 2,000 people lost their jobs, and we’re all absolutely devastated for the customers and for all of us. It’s been a great family in Monarch," he said. In operation since 1968, the airline was owned by investment group Greybull Capital, which had kept it going with a £165m injection last October. About 90% of the staff from Monarch Airlines and Monarch Travel Group were made redundant. Maintenance repair division, Monarch Aircraft Engineering, is not in administration and was unaffected. The decision to cease tra...
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