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Seems many Monarch Flight only Bookings have no ATOL cover, as Monarch were not required by the CAA to provide. Same applies to other airlines. Is this general knowledge?Not so long ago the CAA were insisting even the smallest ticket only Travel Agent must have an (pricey) atol, forcing many to close..
You are correct but the fact that over £230 m went into Monarch begs some seriousQuestions
like 1 Where did Greybull get the initial 70 m £ from to buy Monarch? 2 Why was the further £160 m NOT enough to see the company re shaped and remodeled? 3 why get shot of Cosmos why not let the Management buy it out but with arms length commercial Agreement where the Airline part of the package is purchase on first basis with Monarch and Monarch in turn whit label cosmos as packages under cosmos Atol
Monarch had a huge pension deficit like BHS and both companies were owned by families... I am sure that is where the similarities end but it gets you thinking at least.The current CEO was a family appointment after all according to the TW piece i read today wouldnt GreyBull want there own appointment for this role if they had purchased company?The pension fund got 10 percent of Monarch to fill the hole how much is that worthto the pensioners of Monarch i wonder?
Greybull are in the business of buying companies in trouble, attempt to get them healthy and offload them. If they are unable to turn the company around, they close them.
Remember 'M Local' purchased from Morrisons in 2015, bankrupted 9 months later.Also, Rileys Sports bars, purchased in 2012, bankrupted in 2014.Also Comet, purchased in 2011, bankrupted in 2014.Now Monarch purchased in 2014, bankrupted in 2017.
Phil are you saying that customers should book travel with a company that has NO PROTECTION against its failure
Credit card company is liable for any flight purchased between £ 100 and £ 30,000, so yes, you claim off your credit card.
Insane Kane is at it again. Read Phil's article ' again.
Mr. Troll is usually confused.
SteveYes for flight only as that is what 90 percent of Monarchs customers have done.Wizz Air /Norwegian/Easy/Ryanair dont have Atol protection.If you had a share holder with 10 percent of a company Mr Atol and a share holderwith 90 percent of the company call Mr NO Atol who would decide the faitt of that company save the Directors of that company?In this case the 10 percent SH.The 90 p/c SH would always trump the 10 percent SH wouldnt they?This is not like another Travel failure in that Monarch only had a small Atol had they at arms length sold holidays through a non related (no cross guarantees) company then the irony is that company may of been not granted the ATOL and thus failed but Monarch would be paid(as a non related party ..Cosmos is a good name.)by the UKCAA/Atol for those seats and carried on flying.
Thats how crazy sick this is....
The fact that the UKCAA have again capitulated in affording Monarch a small Atolhas determined the Airlines future, as i said in previous post Monarch should of kept cosmos as their holiday supplier (independent to the Airline) and then it would not of been any issue at all until the end of the Summer.
The CAA are good at spending the Credit Card suppliers money in this instance 90p in every pound that goes towards this repatriation will be claimed by the CAA from the credit card suppliers to Monarch and that will effect all Travel Companiesin the future as these suppliers will want more protection
Remember Steve 90 000 of the people over seas chose NOT to use ATOLand they are now being screwed up because 10 000 did want to use ATOL
ATOL is no longer fit for purpose
its the Credit Card companies who are the Consumer Protection Groupas this clearly demonstrates yet the ATT is awash with ATOL holders cash(Fee paid for every departing passenger)its a crazy and needless situation as the Airline could of operated with aextension till 31/10/17 then close it down if no buyers
A very tragic day in my view and a lot of good people now unemployed
So basically to re protect 10 000 people over seas covered by ATOL the whole of Monachs business save Engineering has been made to go bust due to being a member of ATOL?The UKCAA CPG making this decision is effecting 90 000 passengers who are nothing to do with them or ATOL who could of returned normally to the UK but are not ATOL protected.If the business had the money to carry on till the end of the Summer why was the AtolNOT renewed but only until 31oct17 so no further ATOL protected Holidays could of been sold for arrivals post this date?Its seems crazy if monarch had the money to keep flying why they were not allowed to doso until the end of the Summer then opt out of ATOL like other low cost carriers have all together from 1 Nov and refund the passengers who have booked ATOL protected holidays in the Winter or get another ATOL holder to umbrella those bookings ..There cannot be that many in the Winter in any event.This would of given the Business a chance to find a buyer
Having a ATOL can a burden and fatal as Monarch know so fter after last years troubles why not just simply opt out of ATOL or create a small independent entity with no Groupcross Guarantees
The credit card companies now will be hit for £40-50 M or 90 percent of the costof flying Qatar Airways fleet for the next 10 days....Lets be clear nothing is FREE this action will make it more difficult for TRAVEL COMPANIES to ger agreeable Merchant services in the future
Unlike any ATOL failure before ONLY 10 percent of Monarch Business was ATOL protected but this 10 percent has brought down this Business if the Directors did not think the Business was solid to go forward they would of wound the Business up before going for a NEW ATOL would they?
I hope Greybull make a press statement and put some clarity behind this failure and if necessary point a finger...
My thoughts are with all the great People in Monarch and their families the company would of been 50 next year and did not deserve this.
Very sad, have very fond memories of working with this airline in the 70's and a very respected name in the Charter business, sad loss but shows how competitive the industry has become, my thoughts are with all those people that have now lost their jobs.
Heartbreaking. A decent airline.
Very sorry to hear that Monarch Aurlines has gone into administration.My thoughts are with all of the dedicated staff of the company.