Investigation continuing

By: Amie Hickland

Administrators continue to look into the fate of Custom Coaches following creditors meeting

Administrators are looking to sell Custom Coaches as a going concern following the company’s fall into voluntary administration.

Deloitte Restructuring Services Partners Vaughan Strawbridge and Tim Norman were appointed Voluntary Administrators of Custom Coaches Pty Ltd and Custom Coaches (Sales) Pty Ltd On May 30.

The company has about 300 employees and operates from two manufacturing sites – Villawood, Sydney and Royal Park, Adelaide.

Custom Coaches also has a service centre in Brisbane.

Approximately 75 people attended the first meeting of creditors on June 12, according to a spokesperson for the Administrators.

They confirmed the appointment of Strawbridge and Norman of Deloitte Restructuring Services as Administrators and nine representatives were elected to a Committee of Creditors.

"The Administrators will liaise with the committee going forward," they say.

"Investigations into the financial position of the business are continuing, as are moves to sell the business as a going concern."

United Kingdom bus builder Alexander Dennis Limited (ADL) bought the entire issued share capital of Custom Coaches in 2012, according to previous reports.

The parent company has funded the companies’ losses over the last few years and is no longer willing to do so which resulted in the appointment of the Administrators, according to previous reports.

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