On the Beach Group PLC Statement re Monarch Airlines Ltd (3427S)
October 02 2017 - 2:00AM
UK Regulatory
TIDMOTB
RNS Number : 3427S
On the Beach Group PLC
02 October 2017
2 October 2017
On the Beach Group plc
("On the Beach" or the "Group")
Statement re Monarch Airlines Ltd
On 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.
The 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.
The Group will announce its Full Year Trading Update on 19
October 2017.
For further information:
On the Beach Group plc c/o FTI Consulting
Simon Cooper, Chief Executive
Officer
Paul Meehan, Chief Financial
Officer
FTI Consulting Tel: +44 (0)20 3727
Jonathon Brill 1000
Alex Beagley
Fiona Walker
About On the Beach
On 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.
www.onthebeachgroupplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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