Monarch Airlines, also known as and trading as Monarch, is a British airline based at Luton Airport, operating scheduled flights to destinations in the Mediterranean, Canary Islands, Cyprus, Egypt, Greece and Turkey.t the end of 1980, Monarch Airlines took delivery of its first new jet aircraft, a pair of Boeing 737 -200 Advanced, which had been acquired on an operating lease from Bavaria Leasing (at the time a unit of Hapag Lloyd Airlines).