The boss of Monarch Airlines says he is “absolutely devastated” by its collapse.

CEO Andrew Swaffield told British media the failure of the UK’s fifth-largest carrier was because of increased competition and lower prices in Spain and Portugal.

The grounded planes have ruined holiday plans for hundreds of thousands of tourists.

A message on a board near a deserted check-in area gave contact information for affected customers.

Those already abroad are being returned to the UK for no extra charge.