The engineering arm of collapsed airline Monarch has fallen into administration with 408 jobs lost.
Luton-based Monarch Aircraft Engineering Limited (MAEL) ran into financial difficulty due to debts inherited from the airline and the loss of business. Attempts to restructure the firm – taken over in October 2018 by Greybull Capital – had failed, KPMG confirmed.
“Following the administration of other Monarch entities in 2017, MAEL sought to build its customer base to replace the loss of business from the former airline,” David Pike, restructuring partner at KPMG, said.
“Through the insolvency of the airline however, the company inherited significant debts and claims. Every effort has been made to turn around the business, including launching a CVA which sought to resolve these legacy debts.
“Unfortunately, following the CVA, a number of customers reduced or sought to terminate their relationship with MAEL, further adversely impacting the business.”he engineering arm of collapsed airline Monarch has fallen into administration, putting at risk 408 jobs.
Luton-based Monarch Aircraft Engineering Limited (MAEL) ran into financial difficulty due to debts inherited from the airline and the loss of business.
Attempts to restructure the firm – taken over in October 2018 by Greybull Capital – had failed, KPMG confirmed.
“Following the administration of other Monarch entities in 2017, MAEL sought to build its customer base to replace the loss of business from the former airline,” David Pike, restructuring partner at KPMG, said.
“Through the insolvency of the airline however, the company inherited significant debts and claims. Every effort has been made to turn around the business, including launching a CVA which sought to resolve these legacy debts.
“Unfortunately, following the CVA, a number of customers reduced or sought to terminate their relationship with MAEL, further adversely impacting the business.”
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