Monarch Airlines' collapse, just a year before its 50th anniversary, bought an end to one of the most recognisable names in UK aviation. Founded at Luton Airport in 1967 by the Mantegazza family, Monarch specialised in flying holidaymakers on package tours, with the carrier proving profitable in its early years. However, as demand for package holidays declined and competition from low-cost carriers increased, Monarch found its finances were being squeezed. In 2014, with the airline just two hours from insolvency, Greybull Capital stepped in and purchased Monarch, transforming it from a charter operator to a budget carrier. While the change in approach yielded Monarch's first profit in three years in 2015, the success was shortlived. Last year the carrier needed a massive injection of cash from Greybull to ensure it maintained its ATOL licence and when it found itself in a similar position this autumn the decision was taken to cease trading.
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