The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Repair And Installation Of Machinery And Equipment Repair And Installation Of Machinery And Equipment 33.16 - Repair and maintenance of aircraft and spacecraft
450 jobs Number of planned job losses
Announcement Date
4 January 2019
Employment effect (start)
Foreseen end date
Description
Monarch Aircraft Engineering has announced it is to cut 450 jobs after entering liquidation. The business which was bought by private equity firm Greybull Capital following the collapse of Monarch airlines in 2017 and was the last working part of the failed airline. A spokesperson for the administrator commented that the business had taken on significant legacy debts when it emerged from the previous company, and although efforts had been made, including a company voluntary arrangement, it was not possible to continue with the business. The administrator also noted that job fairs would be held in the near future in London and Birmingham to try to help affected employees find suitable alternative employment.
Eurofound (2019), Monarch Aircraft Engineering, Bankruptcy in United Kingdom, factsheet number 96309, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96309.
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