In 2014 Greybull Capital bought a 90 per cent share in the company from former owners the Swiss-Italian Mantegazza family, with a view to turning it round to make a profit.
As reported in the Independent in 2016, Greybull injected £25 million into the airline in return for the 90 per cent share in expectation of turning a loss of £90m to a profit of £40m.
By October 2015, with Monarch showing a profit of of £40m, Greybull then started moves to sell it off to make more money. The Sunday Times commented at the time that Greybull expected to make a substantial profit from the sale.
The turnaround engineered by Greybull ditched Monarchs long-haul charter operations and instead went for the budget airline market, focusing on regional Eu…
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