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.
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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies