With much fanfare in the UK media, the backers behind the rebooted Monarch Airlines announced its intention to relaunch in the UK market. However, those plans have been put on ice since a note on its website says that the company is delaying its relaunch due to lack of funds.
“It is with immense regret that we announce today that we have been forced to put the brakes on our process to relaunch Monarch," a statement on its website reads.
“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.
“We have been seeking alternative routes, such as partial divestment of share capital, and will continue to do so, however at the current stage there is no practical option to move forward in the immediate future.”