Deloitte sale saves Mayflower

Deloitte sale saves Mayflower

Administrators from Deloitte have sold Coventry-based engineering company Mayflower Vehicle Systems to Stadco.

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.’

Related Articles

Insolvency and corporate governance

Business Recovery Insolvency and corporate governance

12h Chris Laughton
Impact of Brexit on restructuring and insolvency

Business Recovery Impact of Brexit on restructuring and insolvency

2m Emma Smith, Managing Editor
Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

8m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

8m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

9m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

9m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

9m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

9m Emma Smith, Managing Editor