Monarch's boss has set up a new consultancy business after the airline's collapse

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Monarch stopped trading on Monday (Source: Getty)

The boss of collapsed airline Monarch has set up a new consultancy business.

According to Companies House, Andrew Swaffield's new firm Alcedo Consulting was established yesterday, with Swaffield listed as one of the directors. 

Monarch Airlines ceased trading on Monday, with the airline's chief executive telling the BBC's Today programme earlier that it was a "heartbreaking day", but the airline was facing an annual loss of over £100m.

He said the carrier had felt the pressures from higher competition, as well as terrorism and the closure of some markets such as Turkey, Tunisia and Egypt.

Read more: Here's why Monarch pilots can't just make a seamless switch to Ryanair

For the first day of the huge repatriation operation, nearly 12,000 people were flown back to the UK, with another 12,000 scheduled to return today. The flying programme, coordinated by the Civil Aviation Authority, will continue until Sunday 15 October.

“Given the unprecedented scale of this task some disruption is inevitable," said CAA boss Andrew Haines. "We thank everyone involved for their patience.”

The collapse also means a total of 1,858 employees have been made redundant. Of these, 1,760 were employees of Monarch Airlines, while 98 were employed by Monarch Travel Group.

Swaffield told the BBC every effort was being made to find new employment for them. "We are talking to our competitor airlines, trying to organise job fairs and trying to connect staff with our competitors," he said.

Blair Nimmo, partner at KPMG and joint administrator, said today: "Importantly, we have retained the company’s 17-strong HR team to provide assistance to the rest of the workforce, including help in making claims to the redundancy payments office. Their support, at what is also a very difficult time for them, has been crucial and we are very grateful to them."

Nimmo said Monarch had also been contacted by "a number of employers" both in Luton and elsewhere, with vacant positions, and was working to pass on information to employees.

EasyJet has already reached out, saying yesterday it had encouraged Monarch employees to apply for roles available in its recent recruitment drive. 

Tina Milton, head of cabin services for the airline, said: "Many of us know people who worked for Monarch and so we are really pleased, as our recruitment drive is still open, to be able to offer opportunities to those affected."

Read more: Monarch dethroned: Rival budget airlines’ shares take off as firm collapses

Tags: Airlines