‘Bloodbath’ of losses from Brexit
BREXIT turned already heavy losses at Monarch into a “bloodbath”, sources said. A slump in the pound since last year’s referendum result pushed up costs, adding £50million to the fuel bill, airport charges and other tariffs. And a price war with rivals wiped £100million off its annual revenue. The Mirror can also reveal the Brexit vote scuppered plans to sell Monarch’s shorthaul business. The firm, run by Andrew Swaffield, was in advanced talks with suitors but the result made it far less attractive.
Monarch still has an aircraft engineering arm, employing 800, which is not in administration. But the collapse of the airline means it has lost its biggest single customer.