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?”
Company 1: High-end designers and makers of furniture and kitchens to both private individuals, and commercial clients. Fully bespoke and high value work. Company 2: A highly recognised brand, sheet materials cut to size, edge-banded and spray finish...
LEASEHOLD
Designs, manufactures and installs pontoons, access bridges and walkways for harbours, marinas and waterfronts across the UK and Europe. Provides a continually high standard of service, delivering robust, aesthetically pleasing and technically advanc...
FREEHOLD
A well-established, respected brand, recognised for technical expertise in providing height safety solutions. Acknowledged as an industry pioneer, developing some of the most original solutions. Built on a reputation for providing safe, high quality...
LEASEHOLD
|
31
|
|
Mar
|
Coronavirus Business Interruption Loan Scheme to cover business acquisitions | BUSINESS NEWS
The UK government has launched the Coronavirus Business Inte...
|
30
|
|
Mar
|
Tech group The Panoply acquires consultancy firm Ameo | BUSINESS SALE
Business consultancy firm Ameo has been acquired by AIM-list...
|
27
|
|
Mar
|
Addison Lee acquired by consortium of investors | BUSINESS SALE
Addison Lee Group, London’s biggest private care hire ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
25
|
|
Mar
|
Kaupthing plans sale of Oasis and Warehouse | BUSINESS SALE
Icelandic-owned UK women’s fashion retailers Oasis and...
|
11
|
|
Oct
|
Administrators called in for Links of London | ADMINISTRATION
The most recent company to fall victim to the tough trading ...
|
28
|
|
Aug
|
Buyer sought for Links of London | BUSINESS SALE
The Folli-Follie Group (FF Group) has announced today that i...
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