Author Topic: Monarch still making news  (Read 399 times)

Offline Daghowisbrexitwood

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Monarch still making news
« on: January 04, 2019, 08:52:36 am »

04/01/2019 - 08:34

The engineering arm of collapsed British airline Monarch has fallen into administration, resulting in the loss of 450 jobs.

KPMG has been appointed to carry out the process after Monarch Aircraft Engineering, owned by private equity firm Greybull Capital, ran into financial difficulty.

The professional services firm said that the business was “unsustainable in its present form” following a restructuring in October that led customers to seek alternative suppliers.

David Pike, restructuring partner at KPMG, said: “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.