The engineering arm of Monarch Airlines, the holiday carrier that collapsed in 2017, has been put into administration with the immediate loss of 408 jobs.
Administrators KPMG were called in after Monarch Aircraft Engineering, the last remnant of Monarch Airlines and which provides aircraft maintenance services and has a training academy, ran into financial difficulties and failed to find a buyer.
The engineering business had been bought by Greybull Capital, the private equity group, after the collapse of Monarch. It was put through a company voluntary arrangement (CVA), a form of insolvency, last October to shed historic debt inherited from its airline affiliate which was also owned by Greybull.
The insolvency, however, led to the lo…
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