A tour operator and coach hire business, based in the South East, operating across the UK and Europe required restructuring advice and support when the pandemic struck.
The client & the situation
We provided restructuring advice to a tour operator and coach hire business, based in the South East, operating across the UK and Europe with a fleet of coaches able to provide airport transfers, European holiday tours, school transportation, and corporate and private hire.
The business ran into difficulties when the pandemic struck, and turnover was immediately and severely impacted.
What we did
Once we were instructed, we reviewed all options for the business including a complete restructure, as well as reviewing any re-financing that might be required. Due to the nature of the business, there were a number of lenders (secured and unsecured) and managing the process alongside those creditors was key. Our team worked closely with those teams to ensure they were informed of our strategy and updated along every step of the process.
Our team also immediately identified the need to maintain the company’s core assets: it’s vehicle fleet. We ensured all vehicles were maintained, stored securely, fully insured, and that payments were maintained until novation, and in some instances, assets returned to the relevant finance company. These actions ensured there was an ongoing value to the company as it continued to deal with the small amount of business it attracted during the pandemic (school contracts).
The outcome
In the event a sale of the business was not successful, another vehicle was set up to take over the business and goodwill to maximise the return to all parties who had an interest in the business. Part of the business and assets were however disposed of on a going concern basis which resulted in the majority of the vehicle and plant/equipment contracts being novated to a new company together with the bulk of the staff. That company is now trading successfully.
Quote
“I was pleased with how the matter was professionally and efficiently dealt with by the team at Quantuma and was pleasantly impressed that a substantial part of the business was rescued. In addition, the continued support received from the finance companies was testament to Quantuma’s strong relationships with them and their knowledge of the sector.”
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