South Wales minibus supplier Ilesbus UK has been acquired out of administration by Minicoach World, securing jobs and enabling production to restart after a swift sales process led by BTG Advisory.
The sale to the Yorkshire-based business, led by Andrew Garratt and Kevin Proctor (also directors at coach dealer TSUK) was completed on 7 April.
The transaction includes the business, its goodwill and order book, and assets such as stock, work in progress and a number of vehicles. Minicoach World has committed to honouring existing customer orders, including those where deposits had already been paid, in a move aimed at limiting disruption across the supply chain. Customers are expected to be contacted individually regarding the status and delivery timelines of their vehicles.
The deal has also preserved the roles of the remaining five employees, while several staff made redundant prior to administration have been offered re-employment under the new ownership.
Minicoach World has secured an option on the leasehold of the Swansea site, while remaining assets will be handled by BTG Eddisons, the group’s real estate advisory arm.
The new owners says they intend to resume production promptly and expand parts supply, with plans to offer same-day collection and next-day delivery to improve aftermarket support. They have also outlined ambitions to grow the business and broaden its product range.
“We are pleased to have been able work with BTG to rescue Ilesbus UK out of administration, preserve and reinstate jobs for the management and the majority of the team, and pick up the operations to continue service for customers and limit supply chain disruption,” Mr Garratt and Mr Procter comment. “The quick acquisition means we are well placed to start back on the front foot, ramping up the parts supply to bring the market quick, convenient access to spares. We are especially pleased to be able to honour the orders of those customers who have deposits with Ilesbus UK, who we will be contacting individually about their order in due course. We will be working hard to revive and grow the business into the future and look forward to working on our plans for the business and product lines in the coming months.”
Adds Huw Powell, Partner in Restructuring at BTG’s Cardiff Office: “We are grateful for the efforts and support of all the teams involved to have been able to facilitate the quick sale of Ilesbus UK. We are particularly glad that this has saved the jobs of the remaining five employees while providing the opportunity for production to recommence, and hope that this will benefit customers and the wider supply chain.
“Moving forward, we will continue our role as joint administrators to strive for the best outcome for creditors, including undertaking steps to realise any remaining assets, complete our investigations and report to stakeholders in line with our statutory requirements. We wish Andy and Kevin success in this new venture as they look to grow it in the long term.”
Ilesbus UK, which supplies minibuses and midibuses built by coachbuilders at its UK site and a facility in Turkey, entered administration on 23 March. The sale follows an accelerated process in which administrators had previously identified a preferred bidder while pausing trading. The administrators were supported in the process by PME Consulting Services and law firm Frances Wilks and Jones.
