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?”
The business is a long-standing kitchen manufacturer and retailer with showroom based in the lovely Yorkshire dales.
Over the last 20 years the Company has grown into an established nationwide supplier of industrial doors. The company manufactures, supplies, installs and maintains a diverse range of industrial doors for a wide variety of sectors. There is a highly...
The business supplies to the trade and direct retail, offers a worldwide presence in both the adult and mainstream markets.
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.