Monarch Airlines confirmed of a narrow body aircraft fleet order with Boeing for a new generation fleet of 30 737 MAX 8s worth more than $3.2 billion.
The deal was finalised within days of the sale of 90% of Monarch Airlines and other parts of Monarch Holdings to Greybull Capital which secured £125 million of permanent capital and liquidity facilities.
The order with Boeing, originally announced at the Farnborough airshow in July, includes options for 15 additional fuel efficient 737 MAX 8s and marks the start of Monarch’s switch to an all-Boeing single-aisle fleet.
Monarch Group chief executive, Andrew Swaffield (pictured), said: “Seven days after welcoming new owners into the business, this order represents a demonstration of our commitment to the future and the evolution of Monarch as a distinctive European scheduled leisure carrier.
“The Boeing 737 MAX 8 fits our network strategy of serving our traditional European leisure routes in greater frequency, providing increased choice and service for Monarch customers, with significantly improved unit costs to our business.
“By 2020 Monarch will have the most cost-effective and uniform fleet serving Monarch’s heartland of scheduled short-haul European leisure routes, with increased average frequencies, aircraft utilisation, productivity and profitability.
“This order is part of a new strategic direction and exciting plan for the future of Monarch.”
Boeing Commercial Airplanes European sales vice-president, Todd Nelp, said: “The 737 MAX is the perfect airplane for Monarch as it moves its business model from a traditional charter carrier to a European scheduled leisure airline, offering improved efficiencies, high reliability and an outstanding passenger experience.”