Monarch Airlines (1968) (London Luton) has confirmed that each of its staff groups has agreed to major concessions on pay and terms and conditions as part of the Monarch Group's plan to restructure the airline into a premium European budget airline.
Following consultations with representatives from the BALPA pilots union, and UNITE, which represents its cabin crew and engineers, Monarch says staff voted in favour of the proposed contractual changes which will involve cuts of up to 30% in salaries, as well as changes to working patterns and other conditions.
"Results showed pilots voted 96% in favour with over 90% of cabin crew voting yes and engineers at Monarch Aircraft Engineering Limited (MAEL) also voting 88.43% in favour," the Group said in a statement Wednesday.
The announcement comes just a day after the Group's board officially confirmed that Greybull Capital LLP is the preferred bidder to acquire Monarch from the Group's shareholders, the Swiss-Italian Mantegazza family.
Talks with the investment firm are said to be ongoing with a possible deal set to be reached in late October should all modalities be met.
"Completion of a deal remains subject to the successful outcome of ongoing negotiations, whereupon Greybull intends to provide significant capital to Monarch in order to grow the Group and to capitalise on the long established and trusted brand name."
