Monarch heads into the new year with a new owner and a new chief financial officer. Barry Nightingale spoke to Ian Taylor
The Monarch Group will start 2015 with a new head of finance and immediately look to initiatives to boost productivity.
The company announced the appointment of Barry Nightingale as chief financial officer last week.
Nightingale, who has joined from gaming group Betfred, told Travel Weekly: “We’ll hit the ground running. Be assured there will be a number of new initiatives.”
Monarch has already undergone a sharp restructure since the summer, losing 700 jobs and reducing its fleet as it transferred to new owner Greybull Capital on October 24. A host of changes to staff conditions included pay cuts of up to 30% agreed by the highest-paid employees.
Asked if further cost cuts are on the way, Nightingale said: “My first job will be to listen and understand. We’ll form a view, but I will look to [chief executive] Andrew [Swaffield] about that.”
Nightingale was at Betfred six years. Previously, he was managing director of used-car retailer UK Car Group, finance chief at internet cafe chain easy Everything and, from 1989-2000, held various finance roles at Airtours (now part of Thomas Cook).
He described joining Monarch as “an opportunity I couldn’t afford to turn down”, saying: “Travel is a sector I’ve always loved.”
Nightingale added: “I met Andrew and thought ‘Here is a guy who knows what he is about’. Monarch is a business that has long-term financial backers with a clear vision. I hope I’ll be able to help deliver on their promises.”
Nightingale said he had stayed in touch with travel since his time at Airtours where “I had 11 fantastic years”.
“I remained a customer. I continued to work in the leisure sector. I followed the fortunes of the low-cost airlines and kept abreast of developments.”
He added: “I operated in the digital space, so there is a nice crossover there, and finance is finance. I’ve put in place some big cost-focused initiatives and made tough decisions on staff. I’ve a lot of experience in that space and I’m driving the numbers.”
Asked how Monarch could compete with easyJet and Ryanair, he said: “We’re not the same size. We have to differentiate. We have to play on the reputation of the brand. I would say we’re a carrier with low costs rather than a low-cost airline.
“We’ll bring a fresh view but not give up on any initiatives that generate good customer loyalty. We’ll focus on efficiency and productivity. We have to deliver on the plan.”
He disagreed that leaving Betfred for Monarch represented a gamble, insisting: “It would have been a gamble joining three months ago, but now it is far less of one.
“Greybull has highlighted it is in this for the long term. Unlike most private equity firms, they have not set a withdrawal date.” He described the support Monarch has received from the Civil Aviation Authority as “very encouraging”, adding: “I’m used to operating in regulatory environments.”
Nightingale said: “We have big commitments to staff and huge commitments to customers. We aim to take the business to a new level.”
Swaffield expressed delight at the appointment, saying: “Barry brings a wealth of senior management and finance experience from a number of large consumer-facing businesses, which will be invaluable to us in our next phase under new ownership.”
Nightingale will start work at Monarch on January 2.