Wed, 04 Jun 2014 | ADMINISTRATION
A North Wales bus company has gone into liquidation amid allegations of fraud.
Padarn Bus Ltd runs 40 different bus routes in Snowdonia for Gwynedd and Anglesey Councils. It was announced this past week that it is to be placed into creditors’ voluntary liquidation. The news follows a statement by North Wales Police confirming that they were investigating allegations of fraud at the company.
The Llanberis-based firm has been closed immediately as a result of “financial issues” with 80 jobs being lost as a result.
Detective inspector Stephen Williams, at Caernarfon CID, said: "Two local people have been arrested as part of the investigation. One, a 28-year-old woman, was arrested and interviewed on 24 May.
"Following questioning she was bailed to allow Police time to complete the investigation. The second, a 44-year-old man was arrested on 9 May and has been released on police bail pending further inquiries."
Meanwhile Cllr Sion Jones of Bethel ward said he felt "utter sadness" about the closure of Padarn Bus Ltd. He added that he hoped that all those who lost their jobs as the company went into liquidation would be reemployed when a new owner took over.
Baker Tilly are assisting Padarn Bus Ltd. A spokesman from the insolvency specialists said: “We have been working together in an attempt to address the serious problems that could occur for passengers should the company bring their service to an end at short-notice.
“As a result of the company's announcement, we will be implementing the plans that we and other service providers have been putting in place to ensure some alternative services.”
______________________________________________________________________
Related information:
Businesses for sale
Business acquisition funding
This subscription-based learning and e-assessment services business offers exceptional revenue visibility and high customer retention, driven by its essential legal and regulatory compliance training for transactional finance professionals.
Exciting opportunity to take over a long-standing business with growth potential through marketing efforts.
Exciting opportunity to acquire a reputable removals business with strong public sector partnerships and national growth potential.
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.