The £20m sale means Deloitte has finished work on the Mayflower group, which entered administration in March. Nick Dargon, joint administrator with Bill Dawson, said the sale would safeguard the longer-term future of the company along with its 600 employees.
In other news…Corporate Travel International has been sold by its Pricewaterhouse-Coopers administrators to The Travel Company less than a week after entering formal procedures. The troubled Hull-based business entered administration on 23 June, but was sold by 25 June. Corporate travel had suffered cashflow problems that meant it could not pay its monthly licence fee to the International Association of Travel Agents. Steve Ellis of PwC said: ‘It’s a testament to the efforts of all concerned, particularly company staff in difficult circumstances, that this has been achieved so quickly. We’re especially pleased that the sale will preserve the employment of not only the core workforce … but may also provide an opportunity for most of the staff made redundant to return.’
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