Tag Archives: Travel agents

Monarch denies previous refinancing ‘failed’

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Monarch denies previous refinancing ‘failed’

By Ian Taylor |  Nov 03, 2011 12:30PM GMT

The Monarch Group has denied a £75-million refinancing of its loss-making airline was necessary because a previous financial restructure had failed.

Monarch executive chairman Iain Rawlinson said: “The 2009 refinancing was a success. It allowed the business to return to profitability last year.”

The group announced the £75 million cash injection from its controlling shareholders, the Swiss-based Mantegazza family, on Thursday. The move followed a £45-million refinancing two years ago.

Rawlinson reported a £45 million loss for the year to October 31. But he told Travel Weekly: “What we are looking at here is a response to a long-term re-shaping of the market.

“We made a decision in May this year, when oil prices had been $110 a barrel for several months, that high oil prices were here to stay and we had to reshape the business. That was the priority.

“We spent May to July developing a plan for a changed, higher-price environment and that is what the shareholders have accepted. We are taking the initiative to ensure the business can operate successfully in a changed environment.”

Rawlinson said he did not expect market conditions to improve next year and consumers would have to adjust to paying higher fares.

He said: “It is inevitable the cost of flying is going to rise. Fuel costs have increased on average 25%-30% this year – although I’m not suggesting all that will be passed through to consumers. It is incumbent on all of us in the industry to run our businesses more efficiently.”

Rawlinson conceded: “We made a substantial loss [on the current year]. We are very cautious about 2012. But prospects for recovery in 2013 are better. We expect the market in 2013-14 should show some signs of recovery, based on a hopeful return of consumer confidence.”

He attributed the losses for 2010-11 solely to Monarch Airlines, reporting tour operator Cosmos and the group’s aviation engineering business, Monarch Aircraft Engineering, had been profitable.

Weddings at Sea – How much?! Find out with our exclusive comparison chart!

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Smile Weddings at Sea – How much?! Find out with our exclusive comparison chart!

A big traditional white wedding at home can cost an arm and a leg, so it’s not surprising that more and more couples are choosing to get married abroad or at sea.

Not only does a cruiseship wedding offer great value for money, but for those of us who hate planning it’s a great way to get someone else to organise all the nitty gritty details for you too!

Here is an easy comparison of what the top cruise lines offer and most importantly the costs involved 

The average wedding cost includes the price of the cruise based on 2 adults sharing a balcony cabin on a 12 night Mediterranean Cruise (flights included where applicable), the wedding package, wedding license fee, photographs, hand held bridal flowers and one tier wedding cake.

Please note some of the cruise lines charge dollars onboard so these prices are correct as of 7 October when the prices where converted to pounds.

 Did you get married at sea, or ever attended a cruise ship wedding? Maybe you’re considering it? What do you think of these prices? Who do you think you’d book with?

Virgin Holidays opens first outlets in Sainsbury’s

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Virgin Holidays opens first outlets in Sainsbury’s

Oct 04, 2011 07:00AM GMT

Virgin Holidays has opened its first ‘concession stores’ in two Sainsbury’s supermarkets and plans to open more over the next five months.

The concessions – located in Sainsbury’s in Merton High Street, south London and Cromwell Road, Kensington – are the latest stage of the company’s growing retail network, which is expected to reach 100 shops by March 2012.

The operator currently has 77 retail outlets across the UK, which represents an increase of 50% since this time last year.

It plans to increase this by a further 53 stores by next March, and has recently also opened limited–duration pop up shops in Dorking and Alton.

Almost 20,000 customers have booked using one of its shops in the past 12 months, the company claims.

Touch screen technology and multi-media displays are employed in each Sainsbury’s concession to help users research holiday options, alongside a range of brochures.

A dedicated area for children is included to allow parents discuss their choices with travel staff.

Virgin Holidays customer director Mark Anderson said: “Our research has shown us that there is a real appetite amongst customers for face-to-face contact with someone when booking their holiday.

“Our concession stores bring the Virgin Holidays brand to life like never before, and give shoppers the chance to buy their dream holiday in an environment they’re comfortable in – as well as giving them ample opportunity to discuss options, ask questions and consider their choices before purchasing.”

Sainsbury assets and estates director Matt Birch added: “We are always looking for new ways to meet the needs of our customers so we are delighted that Virgin Holidays is the latest exciting brand to open a concession in our stores.

“Like Sainsbury’s colleagues, Virgin Holiday’s travel experts have a passion for great customer service so I have no doubt that these concessions will be a real hit with our customers over the coming months.”