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 Simon Cooper, Chief Executive Officer Paul Meehan, Chief Financial Officer |
c/o FTI Consulting |
FTI Consulting Jonathon Brill Alex Beagley Fiona Walker |
Tel: +44 (0)20 3727 1000 |
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
