A producer of specialist automobiles together with ambulances and hearses is in talks about an emergency sale because it faces operating out of cash.
Sky News has learnt that Rutland Partners is working with advisers from Teneo on an accelerated disposal of WNV Tech, which it acquired in 2020.
The firm, previously referred to as Woodall Nicholson Group, specialises within the manufacturing of electrical automobiles by a variety of subsidiaries, together with Vehicle Conversion Specialists (VCS).
Its Coleman Milne division produces electrical hearses and limousines.
One trade supply stated on Thursday that Rutland had injected greater than £5m into WNV Tech as not too long ago as the previous few months, however that hopes of a solvent sale have been receding.
Final bids have been understood to have been sought by Teneo a number of days in the past, with the appointment of directors stated to be seemingly earlier than the top of the month if a purchaser isn’t discovered.
WNV Tech employs 600 folks and manufactures automobiles at 9 manufacturing websites, in line with its web site.
The underlying causes behind its monetary troubles have been unclear, as have been the identities of any potential consumers of the enterprise.
A sale of components, slightly than everything, of the group is feasible, one insider advised.
Rutland declined to remark.
Content Source: information.sky.com