A secretive vulture fund that backed electricals retailer Comet before its collapse has emerged as a potential saviour for the troubled airline Monarch.
Greybull Capital, an investment firm based in London’s West End, is in talks to take a stake in Monarch and potentially avert a cash crunch.
Monarch employs more than 3,000 people and carries 6m passengers a year. It is owned by Switzerland’s Mantegazza family who have pumped £120m into the business over the last five years and now seek a cash injection.
Elliott Advisors, which also backed Comet, is another party exploring a deal, while Jon Moulton’s Better Capital and Towerbrook have also been linked. Greybull, however, is understood to be the favour to reach an agreement with the family, who could offer a £70m dowry.
Greybull is run by brothers Marc and Nathaniel Meyohas from the West End. They were investors in OpCapita’s takeover of Comet in 2012, but have also backed Plessey Semiconductors and New Era Petroleum.
Monarch declined to comment.
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