Administration for Mayflower energy business
A third business in the Mayflower group has been placed into administration a week after accounting troubles in the bus-maker were revealed.
Mayflower Energy, which installs offshore wind turbines has joined its two main operating subsidiaries TransBus and Mayflower Vehicle Systems (MVS), which were both put into administration on Tuesday last week.
The Mayflower Energy business was not put into administration at the same time as the two other businesses because it is a separate business with its own funding, but it is understood to have been adversely affected by the level of debt at the group, the FT reported.
Administrators from Deloitte are currently assessing the business, including its pension arrangements.
The collapse in the company’s fortunes has been rapid since it revealed accounting ‘irregularities’ exactly a week ago.
Trading in the company was suspended on Tuesday last week at its own request when it became clear a deal with lenders would not be forthcoming.