29 SEPTEMBER 2014
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Following news that Monarch Airlines and its associated companies are for sale Monarch has confirmed secretive Greybull Capital as the preferred bidder and expects a deal to be finalised by the end of October.
Monarch said: "Greybull is a family office with a focus on investing in private companies across a diversified range of industry sectors.
"Greybull backs incumbent management teams to support and invest into established businesses and brands and creates long-term sustainable and profitable businesses.
"It views an investment in Monarch as a long-term opportunity in a very strong brand with great potential in all of its markets, and intends to be supportive shareholders throughout Monarch's next chapter.
"Completion of a deal remains subject to the successful outcome of ongoing negotiations, whereupon Greybull intends to provide significant capital to Monarch in order to grow the Group and to capitalise on the long established and trusted brand name.
"Conditional upon the successful conclusion of these negotiations with Monarch stakeholders, a transaction is expected to complete towards the end of October."
Greybull is a very private company, London-based and run by the American brothers Nathaniel (ex-Lehman) and Marc Meyohas. Greybull backed the abortive buyouts of Comet, the electrical goods chain; Game Group, the computer games retailer; and Rileys, the snooker hall business. BTN was unable to contact. www.greybull.co.uk
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