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"One of the first comments I made when I started the job was that we had too many planes chasing too few passengers"

There are also set to be around 900 job losses as well as pay cuts and changes to terms and conditions. Currently Monarch employs around 3,300 people.


Swaffield said that unions and employees had backed the changes. “They’ve all been extremely supportive through a very difficult process,” he said.


The company’s airline will cut its capacity by around 34% when it starts its summer 2015 season. Up to 10 aircraft will also be returned.


Swaffield admitted that most of the company’s problems stemmed from the airline. He said the tour operating division, which includes Cosmos Holidays, and the engineering unit had been doing “fairly steadily well”.


Monarch’s problems are not just internal and like other airlines and travel firms it has had to try to compete in a crowded marketplace.


“It was one of the first comments that I made when I started the job in April, that it was clear we had too many aeroplanes chasing too few passengers,” he said.


Swaffield said he expected the year-end losses to be “very significant” but would not be drawn on Monarch’s pension fund deficit, which stands at around £158 million.

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