administration

Coach company Shearings collapses into administration

Specialist Leisure Group, owner of coach company Shearings, has collapsed into administration, putting around 2,400 jobs at risk.

More than 64,000 bookings have been cancelled as a result.

Travel trade association Abta said the coronavirus pandemic is the main reason for its failure as it battled with thousands of refunds and a stop to new bookings.

EY, the company’s administrator had tried to find a buyer to maintain the travel group as a going concern but it had not been possible.

The Wigan-based company, which also owned National Holidays, Wallace Arnold Travel and Bay Hotels, was founded in 1919 but

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Blackmore Bonds files for administration as investors face anxious wait for their cash back

Thousands of investors with more than £45m held in “mini-bonds” issued by property investment firm Blackmore face an anxious wait to find out if they will get any cash back after the firm appointed administrators on Thursday.

Geoff Bouchier and Benjamin Wiles of Duff & Phelps have been appointed after a winding up petition was presented against the firm by bondholders last week. This was due to be heard in August.

In a letter to bondholders on Thursday, the trustee – Oak Fund Services –  said Blackmore had taken out loans in February and April and had bought further sites,

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Virgin Australia enters voluntary administration

SYDNEY (Reuters) —  Virgin Australia Holdings Ltd said on Tuesday it entered voluntary administration to recapitalise the business and emerge in a stronger financial position after being battered by the coronavirus crisis and a high debt load.

Deloitte has been appointed as the administrator, the airline said in a statement, adding it had been unable to secure a A$1.4 billion ($887.60 million) loan from the federal government.

Virgin said the current management team led by chief executive Paul Scurrah would continue to run the business and it would still operate scheduled domestic and international flights to help transport essential workers,

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