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31/03/2004
Crisis hit Mayflower set to call in administrators
High Wycombe-based specialist truck and bus manufacturer Mayflower has confirmed that talks with lenders have broken down and is in discussions with administrators.
Yesterday the board of Mayflower requested that the listing of its ordinary shares be "suspended with immediate effect".
In a statement the company said: "This is due to the board's belief that it is likely that the current negotiations with its lenders will prove unsuccessful.
"The board is currently reviewing all options available to the company and a further announcement will be made in due course."
Earlier this week the company said that it was investigating financial irregularities on the discovery of accountancy errors believed to amount to £20 million.
Two senior company executives, CEO John Simpson and Finance Director David Donnelly have already announced that they are to step down as the crisis at the company has deepened.
Mayflower owns a 70% stake in TransBus International, the UK's leading bus builder, which designs and builds chassis, bodies and complete vehicles.
TransBus brands include vehicle body builders Alexander and Plaxton, and chassis manufacturer Dennis.
(SP)
Yesterday the board of Mayflower requested that the listing of its ordinary shares be "suspended with immediate effect".
In a statement the company said: "This is due to the board's belief that it is likely that the current negotiations with its lenders will prove unsuccessful.
"The board is currently reviewing all options available to the company and a further announcement will be made in due course."
Earlier this week the company said that it was investigating financial irregularities on the discovery of accountancy errors believed to amount to £20 million.
Two senior company executives, CEO John Simpson and Finance Director David Donnelly have already announced that they are to step down as the crisis at the company has deepened.
Mayflower owns a 70% stake in TransBus International, the UK's leading bus builder, which designs and builds chassis, bodies and complete vehicles.
TransBus brands include vehicle body builders Alexander and Plaxton, and chassis manufacturer Dennis.
(SP)
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