It comes after The Sunday Times reported that owners Greybull Capital were seeking a buyer for the airline following a successful turnaround process by new chief executive Andrew Swaffield.

Swaffield put the airline back into profit by axing long-haul flights and all charter services, moving to an easyJet-style business model.

However, it is thought that investors are nervous about the potentially weakening trading environment for the carrier, which has been affected by the ongoing crises in Egypt and Tunisia.

In a statement, Monarch admitted appointing financial advisors, but stressed this was to oversee expansion. “We confirm there is no sale process,” it said.

It added: “Monarch has executed a successful turnaround, is now a strong and stable business and is therefore ready to look at growth opportunities in Europe.

“In order to review relevant options thoroughly, Monarch has sought the assistance of Deutsche Bank who will look at both inbound and outbound opportunities.”

A spokesman declined to comment further, but The Sunday Times said the airline had already sounded out rivals including easyJet and Norwegian.