Business
Statement re Monarch Airlines Ltd
Statement re Monarch Airlines Ltd.
About this update from On The Beach Group Plc
[{"type":"text","content":"\n \nRNS Number : 3427S On the Beach Group PLC 02 October 2017 \n\n2 October 2017\n \nOn the Beach Group plc \n(\"On the Beach\" or the \"Group\") \n \nStatement re Monarch Airlines Ltd\n \nOn the Beach Group plc, (LSE: OTB), the UK's leading online retailer for beach holidays, notes the recent announcements by the Monarch group and the Civil Aviation Authority that Monarch Airlines Ltd and other companies in the Monarch group have entered administration. On the Beach is contacting customers that are currently in resort to assist with their return travel and also those customers booked to fly with Monarch Airlines in the coming weeks and months. \n \nThe Group has Scheduled Airline Failure Insurance in place which covers the failure of Monarch Airlines Ltd including monies paid to Monarch Airlines Ltd and also the costs to repatriate customers currently in resort. The Board anticipates that there will be a one-off exceptional cash cost associated with helping customers to organise alternative travel arrangements or providing refunds and will update shareholders in due course. The Group has no exposure to Monarch Holidays Ltd bookings as it only offered Monarch Airlines Ltd seat-only flight options on its website.\n \nThe Group will announce its Full Year Trading Update on 19 October 2017.\n \n \nFor further information: \n \n\n\n\n\nOn the Beach Group plc \nSimon Cooper, Chief Executive Officer\nPaul Meehan, Chief Financial Officer\n \n\n\nc/o FTI Consulting \n\n\n\n\nFTI Consulting \nJonathon Brill\nAlex Beagley\nFiona Walker\n\n\nTel: +44 (0)20 3727 1000\n\n\n\n\n \n \nAbout On the Beach \nOn the Beach is one of the UK's largest online retailers of beach holidays with a c.20% share of the online short haul beach holiday market. The Group has multiple opportunities to generate further growth and has a vision to become Europe's leading online retailer of beach holidays. On the Beach provides a significant structural challenge to legacy tour operators and travel agents as the Group continues its journey to disrupt the online retail of beach holidays with its scalable, flexible, innovative technology, combined with a strong customer value proposition and a low cost base. The business model is customer-centric, asset light, profitable and cash generative...