Monarch Airlines Finalizes Order for 30 Boeing 737 MAX 8s

Monarch Airlines has finalized an order for 30 Boeing 737 MAX 8s worth more than US$3.2 billion at current list prices. The order includes options for 15 additional 737 MAX 8s.

"Seven days after welcoming new owners into the business, this order is a demonstration of our commitment to the future and the evolution of Monarch as a distinctive European scheduled leisure carrier," said Andrew Swaffield, CEO of the Monarch Group. "The 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."

The 737 MAX is powered by CFM International LEAP-1B engines and features winglets and other improvements.

Boeing says that the 737 MAX will be 14% more fuel-efficient than today's most efficient Next-Generation 737s – and 20% better than the original Next-Generation 737s when they first entered service.

Founded in 1968 and headquartered at London Luton Airport, Monarch also operated from five other U.K. bases – London Gatwick, Manchester, Birmingham, East Midlands and Leeds-Bradford. The airline predominantly serves holiday destinations around the Mediterranean and the Canary Islands as well as European ski resorts.

On 24 October, Monarch Airlines and other parts of Monarch Holdings Limited, one of the UK's leading independent leisure travel groups, completed a restructuring program and sale of 90% of the group to Greybull Capital LLP under which it secured £125 million of permanent capital and liquidity facilities.