THE BOARD of Monarch Holdings Limited, one of the UK’s leading independent leisure travel groups, reported the completion of its strategic review and restructuring programme under which it has secured £125m of permanent capital and liquidity facilities provided by Greybull Capital LLP (“Greybull”) anchored a £50m capital commitment, with contributions from the Group’s prior shareholders, principally the Mantegazza family. Greybull also acquired 90% ownership interest in Monarch, with the remaining 10% passing to the Group’s defined pension scheme and ultimately the Pension Protection Fund (“PPF”). The Civil Aviation Authority has renewed the Group’s ATOL licence. Greybull is a family office that manages investments in private companies across a diversified range of industry sectors. Greybull will provide significant capital to Monarch in order to grow the Group and build on its long-established heritage and trusted brand name. Under the leadership of new Chief Executive Andrew Swaffield, Monarch has undertaken a comprehensive strategic review of all areas of the business, from operations to ownership and financing. The aim of the review has been to create the optimum structure to realise the significant opportunity to build on Monarch’s respected brand and distinctive offer to its customers in the European scheduled leisure carrier market.