Preferred bidder identified for Ilesbus UK as rapid sale sought

A preferred bidder has been identified for Ilesbus UK following the company’s entry into administration, as joint administrators from BTG Advisory work to complete a sale of the South Wales-based minibus supplier.

The administrators say they are aiming to complete a transaction within the coming week. If successful, the deal would allow the proposed purchaser to recommence trading and potentially fulfil outstanding orders, providing some continuity for customers and suppliers.

Huw Powell, Partner in Restructuring at BTG’s Cardiff Office, says: “We are pleased to have been able to reach this promising stage of identifying a preferred bidder for the business and certain assets of Ilesbus UK following our appointment as administrators. We are working quickly to complete the sale to seek to save the jobs of the remaining employees and are hopeful that this will create an opportunity for the proposed buyer to pick up operations and orders for the benefit of customers, the supply chain and finance companies if possible.

“If the sale progresses as planned, we should have an update soon on the position of Ilesbus UK and will work with the proposed buyer to ensure that ensure creditors, customers and the supply chain are kept up to date.”

Mr Powell, Andrew Hook, and Paul Wood, all partners at BTG, were appointed as joint administrators by the court after the business entered administration on 23 March.

Trading has been paused since the appointment while a sale process has been conducted. A total of 17 employees were made redundant prior to the administration, with efforts now focused on securing the future of the remaining five staff.

“Our role is to provide the best outcome for creditors and in addition to the proposed sale, we will undertake steps to realise assets, assist former employees with claims, complete our investigations and report to stakeholders in line with our statutory requirements,” adds Mr Powell. “Unfortunately, even at this early stage of the administration, it is unlikely that there will be any funds available for non-preferential creditors.”