The collapse of Monarch : Airline boss blames terror

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Monarch bosses have blamed terror attacks in Egypt, Turkey and Tunisia for the airline going into administration

The company earned £100 million less last year, despite carrying 14 per cent more passengers. The ''root cause'' of Monarch's reduction in revenue was terror attacks in Egypt and Tunisia as well as the "decimation" of Turkey, according to the company's boss.

Chief executive Andrew Swaffield said the airline was badly affected by the 2015 bombing of a Russian airliner which departed from Sharm el-Sheikh in Egypt.

The airline operated a large number of flights to the Red Sea resort, so were badly affected after the UK government banned flights to the area.

In the same year, an attack in Sousse, Tunisia, left 30 Britons dead and one year later there was an attempted coup in Turkey.

The airline, which traditionally ran a slightly more posh offering for customers than the likes of easyJet, then shifted its attention to popular holiday destinations like the Algarve in Portugal, but struggled to compete with the low fares offered by the likes of easyJet and Ryanair.

Aviation expert Alex Macheras  said: "Monarch have dabbled in both the low-cost carrier market and leisure and holiday market without being a market leader in either."

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Chief executive Andrew Swaffield said the airline was doing everything they possibly can to help minimise disruption

He continued: "They've faced competition from airlines such as easyJet and Ryanair, and were competing with holiday giants Tui and Thomas Cook.

"This has left them struggling, in addition to terror attacks such as Sharm el-Sheikh."

The falling value of the pound after Brexit also heavily affected the company's earnings.

A letter from Monarch Chief Exec Andrew Swaffield that has been sent to staff was described as "the update I hoped I would never have to write", before explaining that the firm went into administration "despite our best efforts".

Mr Swaffield said he was "so sorry" for causing "huge inconvenience to customers".

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The falling value of the pound after Brexit also heavily affected the company's earnings.

He added "We are working with the joint administrators and the CAA (Civil Aviation Authority) to do everything we possibly can to help minimise disruption where we can, but are under no illusion as to the problems this will cause.

"And many suppliers will suffer hugely as a result of our insolvency - for which I am equally sorry."

Mr Swaffield told his employees that they can "all hold your heads up high and be proud of what you achieved at Monarch.''

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