7 JANUARY 2019

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Article from BTNews 7 JANUARY 2019

Monarch Engineering collapses

What was being called last week the last remnant of the Monarch Airlines empire has entered administration with the loss of 408 jobs. Monarch Aircraft Engineering Limited (MAEL) was said to be "unsustainable in its present form".

Administrator KPMG said attempts to restructure the Luton-based company, which was taken over in October by Greybull Capital, had failed. Monarch Airlines, also owned by Greybull, collapsed in 2017 (BTN 2 October 2017).

KPMG restructuring partner David Pike said last week: "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.

"Through the insolvency of the airline however, the company inherited significant debts and claims."

Founded in 1967, MAEL employed more than 500 staff across the UK and Europe and provided aircraft maintenance services across four main divisions – base maintenance, line maintenance, fleet technical support and a training academy.

MAEL said line maintenance operations at Gatwick, Birmingham, East Midlands, Newcastle and Glasgow airports will be largely transferred to the Morson Group, with the Luton Airport operations transferring to Storm Aviation.

Further operations at Manchester and Birmingham airports, including related employees, were being transferred to Flybe while some Gatwick-based employees have transferred to Boeing.

www.monarchaircraftengineering.com

www.kpmg.com

www.greybull.co.uk

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