Not sure if I am talking about the same mill, but long ago I had a small Sieg mill, and had exactly the same failure mode. The control board turned out to be the same as the type then fitted in the chinese mini-lathes – and there has been much discussion of their electronics on this forum.
Eventually I traced the fault to the power devices (not sure now whether they were transistors or power MOSFETS), which had failed. They weren't difficult (then!) to source new devices and replace, and it was considerably cheaper than the 80-odd pounds a replacement board cost at the time. It might be worth looking at your board, and searching this forum for info on the control boards for these chinese lathes and mills.