Monarch Airlines has decided to postpone its launch, citing the lack of cash.
“This is not a decision that we have taken lightly, however since taking over the business two weeks ago we have drawn close to exhausted the start-up funding provided to us far more rapidly than anticipated,” read a statement from the board of Monarch Airlines, published on the airline’s website on August 31, 2023.
While the airline had been seeking “alternative routes, such as partial divestment of share capital” it claimed there is currently “no practical option to move forward in the immediate future”.
Still, Monarch said it will continue to look for alternatives to carry on with the relaunch.
The second iteration of Monarch Airlines was established by Jake Johnson in January 2023, according to the United Kingdom’s (UK) Companies House. In August 2023, Daniel Ellingham replaced Johnson as the director of the airline, with the latter also losing his shares in the airline.
Karolina Cherney, the carrier’s secretary, is associated with the airline in the records at the UK Companies House.
“Monarch Airlines Limited and Monarch Holidays Limited were yesterday passed into new ownership following the exit of the companies’ founder and previous majority shareholder. More information will be forthcoming,” the company noted in a statement shared on X (formerly Twitter) at the time.
It planned to start operations in summer 2024 and continue the legacy of the previous iteration of Monarch Airlines which went bankrupt in 2017. But the airline clarified that it was a “brand new and unrelated company with a new focus and team”.
Prior to the announcement on August 31, 2023, the airline had not revealed its route structure or fleet but stated on its website that it had been in talks with “lots of UK airports”.
Less than 24 hours ago, the airline also invited the public to vote on its upcoming aircraft livery, giving people the chance to choose between a purple or yellow-based paint scheme.
