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BA parent IAG to acquire Monarch's Gatwick slots

IAG is to buy the London Gatwick slots formerly held by Monarch Airlines from the collapsed UK carrier's administrators.

KPMG, joint administrator of Monarch since its collapse at the start of October, says it is "in the process of completing an exchange" of winter and Gatwick slots with the British Airways parent.

"As well as representing an excellent recovery for creditors from one of Monarch Airlines' significant assets, the clarity that this sale will bring is very positive for other stakeholders such as Gatwick airport and its customers," states KPMG partner and joint administrator Blair Nimmo.

BA is the second-biggest carrier at Gatwick airport and has expanded its operation from the south London serving airport, including new long-haul destinations. These include flights to Oakland and Fort Lauderdale, both of which put it in competition with Norwegian. Next summer BA will add Gatwick flights to Las Vegas and Toronto.

KPMG secured the right to sell Monarch's airport slots following a UK court ruling earlier this month, after an initial judgement had blocked it from the right to sell the slots.

The Gatwick slots are likely to be the most lucrative of the carrier's former slot allocation, which also cover positions at Birmingham, Leeds Bradford, London Luton and Manchester.

"Our continuing focus is now on Monarch Airlines' Luton slots, as well as exploring potential rescue opportunities for Monarch Airlines and its residual assets, including its brand and associated licences," states Nimmo.

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