28 Jul '14, 6am

Velvet Bus stops operations and then restarts!

Velvet Bus stops operations and then restarts!

Eastleigh-based independent Black Velvet Travel Ltd, trading as Velvet Buses, suddenly ceased trading on 16 July, having run out of cash. . However, just two days later, on Friday, many of its buses were running again, temporarily supported by funds from an unknown mystery firm, which plans to buy the company. The firm has not gone into administration, nor has it yet been sold. It has an O-Licence for 16 vehicles. Velvet was formed in November 2007 and is 51% owned by Managing Director Phil Stockley, 41, with the remaining shares owned by friends and family members. There have been unsuccessful attempts to sell the firm, and in June it downsized. Since 16 July Mr Stockley is no longer involved in the running of the business, although until a sale is completed, he remains the sole director. Matthew Fox from Southampton-based insolvency and restructuring specialists Chantrey...

Full article: http://www.route-one.net/industry/finance/velvet-bus-stop...

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