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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies