A private investment fund is thought to be in advanced talks to take over Monarch Group in a deal which would save thousands of jobs at the airline and tour operating group.
Greybull, which has private equity investments in various sectors including pharmaceuticals, semiconductors, oil and gas, retail and entertainment, is said to be one of several suitors for the business.
It is understood to be in talks with Monarch’s owner, Switzerland’s Mantegazza family, who have already pumped about £115 million into the group recent years.
The Mantegazzas want to extricate themselves altogether from Luton-based Monarch with Greybull favourite to clinch a deal, possibly within days.
At the same time Monarch management is believed to be having positive talks with unions and staff groups over restructuring plans that could see pay cuts and 900 job losses from the 3,300-strong workforce.
The Civil Aviation Authority has kept in close contact with the airline in recent months as it has struggled to find a buyer. The regulator is understood to have compiled a watchlist of tour operators that would be affected if Monarch ceased flights, the Sunday Times reported.
The philosophy of Greybull is to back incumbent management teams and to support, and to invest into, established businesses and brands and create long-term sustainable and profitable businesses. It is described as a long-term active investor with significant or controlling stakes in all of its companies.
Its current portfolio includes Plessey Semiconductors, New Era Petroleum and Arc Specialist Engineering, a conglomerate of businesses in the steel industry.
Monarch declined to comment.