In a groundbreaking deal, employees at Monarch Airlines have agreed to accept pay cuts said to be around 33% and substantial changes to conditions to help secure its future, and to turn the airline into a low cost operation to rival Easyjet and Ryanair.
The engine for this, is talks with investment firm Greybull Capital, who confirmed that staff - including flight crew - had voted to accept major concessions on pay, terms and conditions.
The board of Monarch Holdings Limited revealed on Wednesday that Greybull Capital was their preferred bidder to acquire Monarch from the group’s current shareholders. The deal is expected to be confirmed within a few days, now that workers have agreed the pay cuts and changes to conditions.
General secretary of the British Airline Pilots’ Association (BALPA), Jim McAuslan, said: “Pilots and their colleagues have made major sacrifices to secure the future of this important British company, accepting lower pay and reduced terms and conditions within a restructured airline.
“We welcome the announcement that Greybull are moving towards securing their position as majority shareholders in Monarch.
“It is now time for the government to engage with all of the parties concerned and do everything it can to make this deal happen and help Monarch survive and thrive.”
Oliver Richardson, national officer at Unite, said: “Our priority is the welfare and longer term job security of our members. Although the discussions over the past few weeks have been difficult and our members are sacrificing a lot, what is clear is that they remain committed to the future of Monarch and have voted accordingly."
JULIAN BRAY [ 01733 345581 ], Journalist, Broadcaster, Aviation Security &Operations, Travel / Cruise Industry Expert, Writer and Coach EQUITY, NUJ, Broadcast ISDN 01733 345020) SKYPE: JULIAN.BRAY.UK e&oe A later updated version is always on the Website