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Monarch on the hunt for additional financing

Operators
TTG Staff
28 June 2016

The Monarch Group is looking to tap external sources for an additional £35 million in order to meet potential trading headwinds and commitments to its owners.

Monarch aircraft

The figure was included in the latest set of accounts released recently at Companies House.

It came as the Luton-based company revealed it had made a pre-tax profit of £19.2 million in the year to the end of October 2015. Turnover decreased from £990 million to £828.1 million.

The move into the black capped a remarkable turnaround for the business, which came close to going bust in 2014, when it made a pre-tax loss of £57.3 million.

Under the leadership of chief executive Andrew Swaffield, the group cut costs and eventually secured the backing of investor Greybull Capital.