Monarch Airlines denies financial trouble after 'going bust' rumours

Monarch Airlines denies financial trouble

A monarch airliner

Monday, September 26, 2016

Monarch Airlines has been forced to deny "negative speculation" that the firm is in financial trouble.

The Twitter feed of the UK budget carrier - which formed in 1968 and which employs around 2,800 people - was inundated with customers asking if it was "going bust", to which it denied all claims.

In a statement, the operator said it was "trading well" and expected to make £40 million before tax and other cost deductions by the end of the financial year to October, despite what it said was a "difficult period" for the travel industry following terrorist atrocities, Brexit and the plunging pound.

A spokesman for Monarch said: "Over the weekend, there has been negative speculation about Monarch's financial health.

"Our flights are operating as normal, carrying Monarch passengers as scheduled.

"To weather tougher market conditions and to fund its ongoing growth, Monarch expects to announce a significant investment from its stakeholders in the coming days."

In a stock response, another staff member also said: "We're unsure of where these rumours originated but we can confirm they are not true."