Monarch Aircraft Engineering (MAEL) has agreed a deal under which Greybull Capital will become a majority shareholder.

The UK maintenance provider had on 12 October indicated that it was close to finalising a new ownership structure after securing a "significant funding commitment" from Greybull.

That followed a Sky News report that UK tax authority HMRC had made preparations to issue a winding-up petition relating to tax claims against MAEL's former parent Monarch Group. HMRC declined to comment on the report.

Luton-based MAEL says its lender PNC will continue to provide facilities and support under the new ownership structure.

The MRO provider declined to divulge the identity of the minority shareholder.

Following the demise of Monarch Airlines in late 2017, MAEL emerged as a standalone business with its ownership remaining under the control of the leisure carrier's administrator, KPMG. Greybull, a UK investment company, had been Monarch Airlines' majority owner at the time of its collapse.

MAEL chief executive Chris Dare states: "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."

The company says its maintenance facilities at Luton and Birmingham are "fully utilised, with contracted work stretching throughout 2019".

Source: Cirium Dashboard