Monarch Airlines (1968) (London Luton) has stated that it is doing well with its turnaround plan that was launched in autumn last year, when Greybull Capital LCC acquired 90 percent of the company and provided a cash injection.

The restructuring plan involves several parts and aims to save annual costs of GBP200 million (USD300 million). The carrier is ceasing all of its charter and long-haul business from the beginning of the upcoming summer season. The company has also drastically reduced its fleet from 42 to 34 aircraft and modified its network and schedule including the closure of the base at Nottingham East Midlands that was originally opened in late summer 2012. In addition, the airline also plans to achieve cost savings through changes in labour contracts and with pension funds. Finally the carrier has confirmed its order for 30 Boeing 737MAX that will replace the entire Airbus fleet between 2018 and 2020 to secure low operating costs.

Due to the changes, Monarch will offer a significantly reduced capacity next year. Total seat capacity will drop by 17 percent to around 7.25 million seats while the available seat kilometers will be reduced by 20 percent.

Monarch Airlines currently has operating bases at Birmingham, GB, Leeds/Bradford, London Gatwick, London Luton and Manchester International.