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Leaseway calls in administrators

Date: 06 December 2010

Van rental giant Leaseway has called in administrators to try to find a buyer for the company.

The development comes just days after Leaseway entered into a period of consultation with staff at its London and Birmingham branches, which was thought likely to have resulted in the centres closing when discussions came to an end on 17 December.

But on 1 December, PricewaterhouseCoopers took over the day to day running of the business, which also includes sites in Glasgow, Newcastle, Leeds and Manchester.

Bruce Cartwright, joint administrator and head of business recovery services at PwC in Scotland said:

"During the last 12 months Leaseway has encountered trading difficulties that has made it difficult for the company to service its existing financial obligations.

"In response, 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 to protect the business and assets."

PwC said Leaseway currently has a fleet of 13,000 vehicles and 255 staff

In the four years to 2008 when the recession struck, Leaseway, established in 2003, quadrupled its annual turnover to more than £60m.

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