KBP to rescue Budget rent-a-car
Insolvency firm Kroll Buchler Phillips has been appointed administrator of Budget Rent-A-Car's UK subsidiary following the parent company's bankruptcy plea.
KBP partners Simon Freakley, Gurpal Johal and Alastair Beveridge were last night appointed by the High Court to the car rental group whose official name is BTI (UK) PLC.
The group employs 140 staff and operates from seven locations at Heathrow, Gatwick, Stansted and central London. It also has over 100 franchises across the country, but they are not included in the administration appointment.
Budget Rent-A-Car International Inc, Budget’s parent company filed for Chapter 11 in the US on 29 July when management appointed KBP to review its UK operation.
The administrator will continue trading the business while it seeks a suitable buyer.