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Stadco sails in to snap up Mayflower
Page 8
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RECEIVERS FOR Mayflower Vehicle Systems, the truck and car body panel manufacturing division of the Mayflower Corporation, have found a buyer, bringing an end to the group's recent financial troubles.
Mayflower Corporation is parent of Mayflower Vehicle Systems which is lined up to build the cab for the MercedesBenz S2000 military vehicle. It declared itself insolvent following apparent problems servicing its £250m debt (CM 8 May).
A couple of days earlier a number of board members left amid talk of accounting problems; the firm's pension fund is also facing scrutiny.
Mayflower Corporation's interests included a majority stake in bus builder TransBus, which owns the Dennis, Plaxton and Walter Alexander brands, together with ownership of the parts pressing business of Mayflower Vehicle Systems and wind turbine maker Mayflower Energy.
The new owner is Stadco,a Midlands-based automotive pressing manufacturer.Two other divisions, Transbus and Mayflower Energy have already been sold.