Monarch job losses reduced by 200

Monarch job losses reduced by 200The number of job cuts required at Monarch Travel Group as part of a financial turnaround plan has been reduced by 200.

The original estimate of 900 job losses has been reduced to 700 during staff consultation.

This has been achieved with some employees changing their terms and conditions, with others moving from full-time to part-time working.

Two-thirds of the 700 are voluntary redundancies from the group’s 3,300-strong workforce.

Monarch has been able to meet the efficiencies required on 700 rather than 900 job losses within the staffing element of the company’s new business plan, Travel Weekly understands.

As previously reported, talks are continuing between London investment fund Greybull Capital to buy the group from Switzerland’s Mantegazza family in a deal worth £75 million.

Efforts are being made by all parties to ensure a deal can be concluded before Friday when the group’s licence to sell holidays is due to expire.

Sources have voiced confidence that the rescue agreement can be completed this week.

Sourced from Travel Weekly

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