By Jennifer Faull

Monarch Airlines has entered administration after suffering a reported £291m loss last year.

The brand – which is the UK’s fifth biggest airline – grounded all flights at 4am today (2 October) when accountancy firm KPMG placed it into administration.

It has left around 110,000 people due to fly with Monarch stranded while some 860,000 people have lost bookings.

KPMG blamed the collapse on “depressed prices” coupled with a weak pound and increased fuel costs while Monarch chief executive Andrew Swaffield said terrorism in Egypt and Tunisia was the “root cause” of its demise.

The airline – which lost £291m for the year Read full story ›

Source: The Drum