UK leisure carrier Monarch Airlines is to cut more than 1,000 jobs as part of its strategic review, indicates a source familiar with the situation.
Corporate parent Monarch Group – which last month appointed as non-executive chairman the London Gatwick airport chairman Roy McNulty, and promoted Andrew Swaffield from airline managing director to group chief executive – confirms that "the new management team is conducting a strategic review of the group's businesses, including in relation to their operations, ownership and financing", but adds: "That review is ongoing and further announcements will be made upon its conclusion or as otherwise appropriate."
Monarch Group includes MRO provider Monarch Aircraft Engineering and tour operators Cosmos Holidays, Avro and Somewhere2stay as well as Monarch Airlines. The group employs around 3,200 people across its various businesses.
The airline division intends to completely withdraw from charter flying by the summer of 2015 as part of what it terms "its transformation to become a scheduled European low-cost carrier". Scheduled services already account for 85% of its flying, it says.
In July, the airline committed to take 30 Boeing 737 Max 8 narrowbodies. These are set to start entering service in 2018.