Mayflower calls in Deloitte
Mayflower, the bus maker, last night confirmed fears of insolvency when it placed the bulk of its UK business into administration.
Link: Administration fears grow at Mayflower
Deloitte was appointed to the Mayflower corporation and the its largest British divisions, Mayflower Vehicle Systems and Transbus International.
Nick Dargan, who will head the administration for Deloitte, said, ‘There are clearly some excellent businesses within the Group, with the major problem having been the obvious level of debt from previous acquisitions.’
The collapse in the firm’s fortunes has been rapid since it revealed accounting ‘irregularities’ on Monday morning. Trading in the company was suspended on Tuesday at its own request when it became clear a deal with lenders would not be forthcoming. The confirmation of administration came just before 5pm yesterday.