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.
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