Monarch Air fails to do deal with CAA yesterday and ceases trading.

Over 100,000 customers have woken up in far flung holiday destinations this morning to find their airline has gone bust and the home leg of their trip has been cancelled. A further 300,000 bookings with Monarch involving up to three quarters of a million passengers are not going to take place but the immediate concern is to get those abroad now, with no return flight, back home.

The CAA ( Civil Aviation Authority) have organised a rescue fleet for all those involved.

While Monarch business in general increased by 14 % last year, three of their key markets, Turkey Egypt and Tunisia, were affected by terror incidents, causing a huge drop in people considering those destinations and greatly responsible for a near £300 million loss in the last reporting period to October 2016. Increases in fuel prices were also blamed for the loss of earnings, together with a weak pound.