Monarch Aircraft Engineering Restructuring?

According to a Sky News report Monarch Aircraft Engineering is putting together a restructuring deal.

Sky News reported that “Her Majesty’s Revenue & Customs (HMRC) has drawn up plans to take action against Monarch Aircraft Engineering (MAEL) over an unpaid tax bill, the size of which was unclear on Thursday evening.”

The business employs more than 800 people and provides maintenance services to the aviation sector, working with airlines that include Cathay Pacific, easyJet, Norwegian, Virgin Atlantic and Wizz.

A statement from MAEL said:

“One year on from the failure of Monarch Airlines, MAEL has successfully stabilised operations and transitioned to a standalone business. It has built on its strong foundations as a leading, independent aircraft maintenance company and, under the leadership of its skilled and experienced management team, has strengthened its customer base through new contracts with customers including Thomas Cook Airlines, Virgin Atlantic and Vueling. The company’s hangars in Luton and Birmingham are now fully utilised and operating at maximum capacity, with contracted work stretching throughout 2019.”

Chris Dare, Monarch Aircraft Engineering’s chief executive, said the ownership review was “the final phase in the journey to go from being a division of Monarch Group to a successful standalone entity.”