Date Published: 15th September 2015
On 11 September 2015 Bob Maxwell and Lee Lockwood of Begbies Traynor in Leeds were appointed as joint administrators of well-known West Yorkshire coach company, Geldards Coaches Limited.
The largest privately owned bus company in the region, Geldards Coaches was founded in 1991 and has a fleet of around 50 vehicles and 50 staff. From its Leeds base, the company operated a wide range of routes in the local area for daily school transport, excursions and group travel, as well as offering executive coach hire.
In August 2015, there was a fire at the company’s premises off Whitehall Road in Farnley which destroyed half of a coach repair workshop and damaged three vehicles.
Joint administrator Bob Maxwell said: “Unfortunately, it is commonplace for companies subjected to a major fire not to survive and this is the case here.”
The administrators are now looking for a buyer for the business.
Mr Maxwell continues: “One of our key concerns has been attempting to minimise disruption to the services operated by Geldards Coaches, particularly the school routes it provides. We have spoken to all the customers and we are in the process of arranging to provide emergency cover where required. If parents are in any doubt, they should contact their school.”
Bob is the managing partner in our Leeds office. Prior to joining the firm, he was a partner at Deloitte and Kroll and he has nearly 20 years’ restructuring and recovery experience. Bob qualified as an ACA in 1990 and is a Licensed Insolvency Practitioner. He has led numerous cases, both domestic and international, incorporating turnaround assignments, financial restructuring and insolvencies.
Bob has experience across a broad range of industries including retail, manufacturing, distribution, construction, motor retailing and media. His clients include banks, Asset Based Lenders (ABLs), venture capitalists, pension scheme trustees, corporates and government.
He has undertaken two major secondments to assist UK clearing banks, advising them on developing turnaround strategies for their clients in financial difficulty.
More recently, Bob has been responsible for delivering a project with Clydesdale Bank aimed at tackling its distressed property portfolio. He led a team of 12 staff throughout the UK, working with the Bank staff to manage a portfolio of circa £800m of debt with over 1,000 properties. As part of this project, he formulated strategies to create consensual solutions between the customer and the bank as well as undertaking a significant number of LPA appointments in situations where enforcement action was required.