BusinessBusiness RecoveryDeloitte secures sale of TransBus

Deloitte secures sale of TransBus

Uncertainty over the future ownership of TransBus was ended on Friday with the announcement of its sale to a consortium of investors headed by Scottish investment bank Nobel Grossart.

Link: Mayflower coach-making unit sold in MBO

Administrators Nick Dargan and John Reid spoke of their delight at putting the bus-making arm of Mayflower into ‘safe hands’.

Dargan said the deal would allow the business to continue and preserve ‘a significant number’ of the 1,800 jobs provided by the company across the UK.

Nick Dargan: Success out of failure

The consortium included Brian Souter and Ann Gloag, founders of Stagecoach, a major TransBus client. The consortium is reported to have paid approximately £90m for the company, compared to Mayflower’s total debts of around £250m.

Meanwhile, The Times quoted legal experts as saying Mayflower directors could be made liable for the hole in the company’s pension fund under provisions in the new pensions bill.

Trustees would first have to prove that they had intentionally siphoned off money required to ‘prop up’ the fund, it said.

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