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The engineering arm of collapsed budget airline Monarch has fallen into administration聽with the loss of about 408 jobs.聽

Monarch Aircraft Engineering Limited (MAEL), owned by private equity firm Greybull Capital, ran into financial difficulty due to debts inherited from the airline and the loss of business.

MAEL, which employed more than 553 people in the UK and Europe, provided aircraft maintenance services to the likes of Cathay Pacific, easyJet, Norwegian and Virgin Atlantic.

Professional services firm KPMG, which had been appointed as administrator, said the business was "unsustainable in its present form" following a restructuring in October.

"Following the administration of other Monarch entities in 2017, MAEL sought to build its customer base to replace the loss of business from the former airline," David Pike, restructuring partner at KPMG, said.

"Through the insolvency of the airline however, the company inherited significant debts and claims. Every effort has been made to turn around the business, including launching a CVA (Company Voluntary Arrangements) which sought to resolve these legacy debts.

"Unfortunately, following the CVA, a number of customers reduced or sought to terminate their relationship with MAEL, further adversely impacting the business."

Budget carrier Monarch Airlines went bust in 2017 leading to the loss of 1,858 jobs. About 860,000 passengers were affected by the carrier's demise.

Some parts of the engineering arm -- the technical support and trading academy -- will continue to operate as it looks for a buyer. The fleet technical support business employs 27 people and the trading academy has 53 apprentices on its books.

Another 83 employees are to be retained to wind down the business in Luton.