Thomas Cook in bid for Monarch’s Gatwick runway slots

Travel firm Thomas Cook has bid for failed rival Monarch Airlines' landing and take-off slots at London Gatwick airport, two sources close to discussions said, after Monarch's administrator secured rights to sell the slots.

Earlier this week the administrator won an appeal against a previous London High Court court ruling that Monarch had lost any rights over the potentially valuable slots since it was no longer capable of operating any flights.

The administrator now hopes to recover money for creditors by transferring rights to use the slots at London's Gatwick and Luton airports.

“We’ve expressed an interest,” one source said, confirming that Thomas Cook had bid for slots at Gatwick but not at Luton. Thomas Cook Airlines declined to comment.

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EasyJet, IAG, Wizz and Norwegian have already expressed their interest in acquiring the slots at the London airports. Monarch estimates its slots could be worth around £60 million.

Shares in the travel group jumped 4.7 per cent on the news. – Reuters