Monarch owner urged to help pay flights bill

The private equity owner of failed airline Monarch should contribute towards the cost of repatriating its customers, Transport Secretary Chris Grayling has said.

Mr Grayling said “I completely agree” with calls for Greybull Capital to pay some of the £60 million bill for the two-week operation.”

It has been reported that Monarch had £48m cash in the bank at the time of its collapse, which Greybull could claim as the firm’s first in line secured creditor.

The Civil Aviation Authority (CAA) put on 567 flights which brought almost 84,000 passengers back to the UK after the travel company went into administration on October 2.

The Government previously said it hopes to recoup some of the cost from credit card companies and tour operators whose customers were booked on Monarch flights.

But Mr Grayling told the Commons Transport Select Committee that Greybull should also pay if it profits from the firm going into administration.

“I would hope that if any of the creditors end up with money in pocket that they might indeed consider doing that,” he said.

“I would hope in a world where social responsibility is important to corporate reputation, that those involved – if indeed they recover monies in the way that has been suggested – might feel a moral obligation to contribute.”