Over 700 jobs will be lost with many more staff facing pay cuts of up to 30% as part of the deal reached to save Monarch Airlines on Friday night.
The airline company, which has been based in Luton since 1968, risked folding completely before it was bought out by Greybull Capital LLP, who now have a 90% stake in it.
Monarch Group CEO Andrew Swaffield said: “I am delighted to welcome the Greybull team as the new owners of the Monarch Group. We have a shared vision for the strategic direction and prospects for the business, and I am looking forward to working with them to implement the exciting plans for building our future.”
Previously owned by the Swiss Mantegazza family, Monarch was a favoured airline that enjoyed healthy profits until 2009.
Over 90% of union staff voted to accept the changes. Two thirds of the redundancies are expected to be voluntary, leaving 200 jobs at risk.