A Welsh bus operator has entered into a Creditors Voluntary Liquidation (CVL), resulting in 80 redundancies.
Caernarfon-based Padarn Bus Ltd operated 40 bus routes in Snowdonia for Gwynedd and Anglesey County Councils.
The company has entered liquidation as a result of “financial difficulties”.
Directors of the business attempted a sale of the company, however a buyer could not be found. As a result, the directors have engaged accountancy firm Baker Tilly to assist them with a view to placing the company into creditors’ voluntary liquidation.
Throughout the past month the directors, together with their advisers, have been working closely with all stakeholders including the Councils, Finance Wales and the Welsh government to try and find a way to preserve the business. Despite their best efforts this was, ultimately, not possible.
The creditors’ meeting is due to take place within the next 21 days, at which point the liquidators are expected to be appointed.