Thu, 26 Sep 2019 | ADMINISTRATION
Wrightbus, the manufacturer behind the revived Routemaster and the Boris bus, has collapsed into administration, making it the second biggest insolvency this week following the fall of Thomas Cook holiday group.
Based in Ballymena, Northern Ireland, the engineering company was forced to appoint professional services company Deloitte to handle the administration process, after it failed to secure a buyer for the business.
Deloitte is expected to oversee the administration of the Wrights Group, Wrightbus, Wright Composites, Wright En-Drive, and Metallix.
One of the joint administrators, Michael Magnay, said: “We recognise the companies are crucially important employers in Ballymena, and this will be devastating news for those who worked there, their families and the town, which has already suffered from a number of manufacturing closures in recent years.
“The joint administrators will explore all remaining options for the business and assets, and would encourage any parties with an interest to contact them.”
Adding to this, MP for North Antrim, Ian Paisley, commented: “Administration, I hope, offers an opportunity to attract a sale on amended terms to the last month’s negotiations. I can’t imagine a situation where Ballymena would be without its bus building company and I hope we can get this matter resolved quickly.”
The company’s collapse follows Prime Minister Boris Johnson’s vow to do everything in his power to support the Wrightbus company without breaching state aid rules. However, a government source denied the assurances made by Johnson and his government.
Unite trade union’s regional secretary, Susan Fitzgerald, added: “Boris Johnson as his hobby makes buses out of wooden crates. What he needs to do is stop with his hobby and engage now straight away in a rescue plan to save these jobs and save this area. What future is there for young people in Ballymena?”
Manufactures and supplies stationery, stickers and partyware, as well as offering a comprehensive range of design services to customers throughout the UK.
LEASEHOLD
Long-established and independent business, known for providing sturdy, high-quality products. High volume of repeat and referral custom, working with a multitude of national blue-chip clients.
LEASEHOLD
Supplier to numerous industries. Holds it's own unique chemical formulations. REACH compliant and environmentally friendly. Established and continuous growth. Offers invited.
LEASEHOLD
|
15
|
|
Jan
|
Buyer sought for portfolio of pubs | BUSINESS SALE
Five pubs that formerly operated under the Authentic Alehous...
|
14
|
|
Jan
|
Acquisitive RSK Group completes trio of deals | BUSINESS SALE
Cheshire-based technical services consultancy RSK Group has ...
|
13
|
|
Jan
|
Heat transfer equipment manufacturer falls into administration | ADMINISTRATION
Coventry-based Covrad Heat Transfer has fallen into administ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
01
|
|
Dec
|
Arcadia collapses into administration | ADMINISTRATION
Sir Philip Green’s Arcadia, the group behind retailers...
|
15
|
|
Oct
|
Gourmet Burger Kitchen acquired by Boparan in deal that sees 26 sites close | BUSINESS SALE
Gourmet Burger Kitchen has been acquired by Boparan Restaura...
|
23
|
|
Sep
|
Cartwright Group enters administration, but fleet and rental arms are sold | ADMINISTRATION
Commercial trailer manufacturer and rentals firm Cartwright ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources