The Monarch Group – 2009 to 2014

After 6 months consulting advice to the shareholders of Monarch in 2009 and overseeing a refinancing following the 2008 financial crisis, Iain was appointed Chairman of this travel group to reshape and modernise the business and build its management, governance and investment case. Principal achievements during this period were:

• Withdrawal and settlement of an order for 6 Boeing 787 aircraft due to late delivery
• Successful turnarounds of the group to profitability in 2010 and again in 2013 after two years, including reduction of cost base by £60milion of annualised costs, and assuming oil price at US$115/bbl
• Sale of all shareholder owned aircraft in 2012 and 2013 raising US$160million proceeds
• Approval and building of £20million aircraft maintenance hangar at Birmingham International (2014)
• Announcement of US$3bilion re-fleeting order for 20 Boeing 737 MAX aircraft in July 2014

  Commenced negotiating the merger of the airline with Thomas Cook Airlines.

Later, in response to continued competitive pressures, the shareholders elected in favour of a private sale to investment group Greybull.