Thu, 02 Dec 2010 | BUSINESS SALE
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.
We are pleased to present an exciting opportunity to acquire a well-established and profitable online retailer that supplies quality furniture accessories used in most homes, Restaurants, Schools, Hotels etc. The Business has come to market as part o...
Premier provider of carpentry and joinery in London and counties, catering to a diverse clientele encompassing luxury and mid-range property developers, main contractors, and discerning private clients.
Established in 2000, the agency was founded with the sole intention of providing quick and efficient travel arrangements to exhibitions throughout the world. Over the years, their reputation has grown, and they now proudly boast an excellent loyal cl...
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.