KPMG to appeal Monarch airport slots sale denial

THE administrators for defunct airline Monarch will appeal a decision by the High Court to strip the carrier of its lucrative take-off and landing slots at Gatwick and Luton airports.

The High Court initially ruled against Monarch earlier this month but gave the administrators KPMG permission to lodge an appeal over whether it could retain ownership of its summer 2018 Gatwick and Luton airport slots in order to sell them on the open market.

But this appeal was refused by the High Court judges Lord Justice Gross and Mr Justice Lewis meaning KPMG will now lodge a claim directly with the Court of Appeal.

The decision is a blow for the administrators given the slots at Gatwick alone are thought to be worth in the region of £60m, money which could be used to pay creditors.