Its popularity and image faded from the 1970s onward when a series of crashes and incidents revealed safety deficits, which, combined with rising fuel costs and increasing competition, resulted in the company facing severe financial difficulties that led to its demise in 1988.

The airline was based at Gran Canaria Airport in the Canary Islands, and began operations flying geologists and technicians who were searching for oil in the Sahara and Spanish West Africa.

The pressurised long range Douglas DC-7C entered service with the airline in April 1963, and Spantax would eventually go on to operate eight of the aircraft which served destinations in the United Kingdom and elsewhere in Europe.

[3] After receiving approval from the Spanish authorities to operate passenger charter flights, the airline moved its headquarters from Gran Canaria to Palma de Mallorca.

Requiring an aircraft with intercontinental range, Spantax purchased two stretched Douglas DC-8-61CFs from Trans Caribbean Airways in February 1973, and would go on to operate an additional four of the type.

Debts to the Spanish authorities totaling 13 billion pesetas were reorganised for payment over a twenty five-year period, and a fleet renewal program would have seen the airline operating fifteen aircraft by 1993.

[2] After the Kuwait Investment Authority withdrew from a planned offer to purchase the airline, Spantax ceased all operations on 29 March 1988, leaving some 7,000 passengers around Europe stranded.