Vehicle hire group TOM on brink of collapse

Vehicle hire group TOM on brink of collapse

A Scottish vehicle-hire group using greater than 500 individuals is getting ready to collapse, amid faltering hopes of a rescue deal.

Sky Information understands that TOM Automobile Rental, which relies in Airdrie, might name in directors inside days following a frantic seek for new traders.

The corporate is majority-owned by Equistone Companions Europe, a non-public fairness agency which acquired management of the enterprise simply 15 months in the past.
Sources mentioned that EY, the skilled companies agency, had been conducting a course of to usher in new funding to TOM and was being lined as much as act as administrator to the corporate.
The sharp decline in its monetary fortunes comes lower than two years after TOM’s founder, Jim Rafferty, was shortlisted for a prestigious entrepreneurship award.

TOM, which supplies long-term leases of vans, vans, trailers and vehicles, additionally operates franchised dealerships below the Mercedes Benz and Citroen manufacturers.

Insiders advised that Equistone had overpaid for the enterprise, which is claimed to have been experiencing “operational challenges”.
A spokeswoman for Equistone declined to touch upon Monday.

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