Jobs have been put in jeopardy in the West Midlands after a commercial vehicle fleet hire businesses collapsed.
Bruce Cartwright, Laurie Manson and Ian Green of PwC have been appointed joint administrators of Leaseway Vehicle Rental, which employs 18 people in the region.
The company runs one of the UK’s largest privately owned light commercial vehicle (LCV) fleet hire businesses from a network of sites across the country, including a depot in Oldbury.
Established in 2003, the company has steadily grown and currently runs a fleet of around 13,000 vehicles, employs a total of 255 people, and has a wide range of customers from large corporate to sole traders.
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 have 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.
“Our immediate priority is to continue trading the business, ensuring that commitments to contracted customers are met.
“Throughout this period, we will work closely with the existing management team, employees across all sites, suppliers and customers to try and ensure that we achieve a positive solution.
“We will also explore the opportunity to seek a buyer for some or all parts of the business. Leaseway has attracted a large number of high quality customers that we believe may be attractive to potential purchasers.
“ We would encourage any parties interested in acquiring this business to get in touch with us.”
Leaseway locations include Glasgow, Newcastle and Leeds as well as Oldbury, where the firm employs 18 people.