Monarch Aircraft Engineering (MAEL) has announced Greybull Capital LLP, the former owner of Monarch Airlines, has become its new majority shareholder after agreeing a new ownership structure.
MAEL was spun off as an independent company following the collapse of Monarch last October.
On Thursday (October 18), MAEL confirmed its lenders, PNC, would continue to provide facilities and support, adding key customers had pledged their support for the business.
According to MAEL, its maintenance facilities at Luton and Birmingham are “fully utilised”, with contracted work scheduled throughout 2019.
The firm also says it has created more than 100 jobs over the past year, growing its workforce to more than 800, and has doubled the size of its apprenticeship scheme.
Chris Dare, MAEL chief executive, said: “Today marks an exciting new chapter for Monarch Aircraft Engineering as we plan to move forward with ambitious plans for growth, building on the solid foundations we have built for our business in the past year.
“I am grateful to Greybull and to our customers across the globe for their support of our business. I would also like to thank our fantastic, dedicated employees who make Monarch Aircraft Engineering the successful business it is.”
MAEL opened a new maintenance facility in Northampton in September and has work stations at a number of UK airports. Clients include Thomas Cook, Virgin Atlantic and Wizz Air.