Commercial vehicle hire company T.O.M. Group goes into administration
Scotland-headquartered commercial vehicle hire company T.O.M. Group has gone into administration.
Colin Dempster and Fiona Taylor of EY’s Restructuring team have been appointed as joint administrators.
A statement posted on the company website said: “On appointment of the Joint Administrators the Group ceased trading and 342 employees have been made redundant across eleven locations in Scotland and England. A total of 86 members of staff will be retained at the Group’s head office in Airdrie and across the depot and dealership network for up to four weeks to assist the Administrators with an orderly wind down of the business and respond to any customer queries.
“The Group had faced challenging trading conditions in recent months. Considerable efforts had been made to restructure its operations and, when that proved too difficult, the owners marketed it for sale. Unfortunately, no suitable interested parties emerged from the sale process, due to the scale of the losses and the investment required to turn the business around.
“Due to the Group’s lack of liquidity and increasing pressure from creditors, the directors had no option but to seek the appointment of Administrators.”