Buyer sought for van rental firm following administration

Thu, 02 Dec 2010

A leading commercial van rental firm based in Glasgow has fallen into administration.

Following a downturn in trading and financial difficulties, PwC has been appointed as administrators to Leaseway Vehicle Rental, which opened its first depot in the Scottish city in 2003.

Head of business recovery services at PwC in Scotland, Bruce Cartwright, who is also acting as joint administrator, said, “The company’s directors have considered various options to deliver a restructuring solution that would provide a long-term viable business. Unfortunately, the directors have concluded that this will not be feasible and taken steps to place the company in administration.

“Leaseway has attracted a large number of high-quality customers that we believe may be attractive to potential purchasers,” he added.

The company could be a sensible purchase following suggestions that demand for rental vehicles will rise due to spending cuts implemented by private-sector operators.

Leaseway Vehicle Rental's latest accounts revealed that its fleet of vehicles were valued at £155 million in March of last year. At that point, the firm had debts of £158 million to creditors including HBOS.

All 176 staff across the Glasgow head office and five depots located south of the border, could face losing their jobs, although nobody has been made redundant as yet.


Subscribe today to read and search all our news, premium articles, business sale listings and buy/sell resources.


Latest Businesses for Sale


Printers/ Stationers - Andover, Hants

Asking Price: 
Turnover:  £640,000
Location: 

Digital printing specialists, commercial and retail stationers, lithographic printing and various ancilliary services. Freehold retail shop and long leased factory unit. Sale price includes all equipment and properties. NP £80k...


Hotel Accommodation - Folkestone

Asking Price: 
Turnover:  £500,000
Location: South East

Three Victorian houses joined together to form a luxury 8,500 sq. ft. facility. Includes reception, two lounges, four dining rooms, 16 en-suite bedrooms, music room, two kitchens, conservatory, bar, sauna, hot tub and more...


Suppliers of Souvenirs - Derbyshire

Asking Price: 
Turnover:  £1,200,000
Location: East Midlands

With over £60k worth of trading, the company has a very reputable name within the tourist and leisure market. Excellent potential...


View More Businesses for Sale >>