MONARCH APPOINTS GROUP CHIEF FINANCIAL OFFICER

The Monarch Group, a leading independent travel group, today announces the appointment of Barry Nightingale as Group Chief Financial Officer with effect from January 2015.

Barry joins from the £9 billion-turnover Betfred Group of companies, where he has been Chief Financial Officer since November 2008. In 2011, Barry led Betfred’s successful £265m acquisition of the Tote, a transaction which led to awards for ‘Deal of the Year’ and ‘Dealmaker of the Year’. He subsequently led the successful integration of Betfred and the Tote, driving full synergies ahead of schedule, and negotiated ground-breaking commercial arrangements with 60 UK racecourses.

Prior to joining Betfred, Barry was Managing Director and, formerly, CFO at UK Car Group (Carcraft), the UK’s largest pre-owned car retailer and from 2000-2002 he was CFO of the global Internet café brand easyEverything Ltd. Barry has over 10 years’ experience in the travel industry with Airtours Plc, where he held senior roles in Treasury and Finance.

Barry succeeds Interim Group CFO Andrew Lavery following the successful purchase of Monarch by Greybull Capital LLP on 24 October.

Commenting on the appointment of Barry Nightingale, Monarch Group CEO Andrew Swaffield said:

“I am delighted to appoint Barry as our new CFO and to welcome him to the Monarch Group. He brings a wealth of senior management and finance experience from a number of large consumer-facing businesses, which will be invaluable to us in on our exciting next phase under new ownership.

“On behalf of the Board, I would like to thank Andrew Lavery for his contribution to the Group as interim CFO during the restructuring and sale process and we wish him well for the future.”

Barry Nightingale said:

“I have been extremely impressed by the restructuring that Andrew and the team at Monarch have undertaken in recent months. As a result, the business has a much stronger financial base and can build on its strong brand and heritage with consumers to compete as a scheduled European leisure carrier. I am looking forward to joining the business and being part of the exciting story that is unfolding at Monarch.”