Former Monarch Airlines owner Greybull Capital will become the majority shareholder in Monarch Aircraft Engineering under a new ownership structure.

The aircraft maintenance firm’s lenders PNC confirmed that it is to continue to provide facilities and support.

Many of the company’s key customers have also expressed their support for the business as the restructuring progresses, according to the company.

The firm’s maintenance facilities at Luton and Birmingham are fully utilised, with contracted work stretching throughout 2019.

CEO Chris Dare 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 has increased its geographical footprint in the last year with the opening of a new component maintenance facility in Northampton, and has created more than 100 new jobs, growing its workforce to more than 800 people.

An industry-renowned apprentice scheme has also doubled in size.