Pembrokeshire coach company, Silcox Coaches, has filed an intention to appoint administrators after interest from the principal interested buyer fell through on Friday, May 20.
The Pembroke Dock company employs around 100 people who have been notified of the situation by letter from recovery specialists Wilson Field. The letter states that ‘The Company has suffered financial difficulties in recent times which has culminated in the directors attempting to source a buyer for the business.’
The notice of intention has given the company breathing space of ten business days to explore all options and seek an alternative buyer. It does not mean that they are in administration at this point. The business is being actively marketed and negotiations have been opened with parties who have previously expressed an interest in the company. The letter adds, ‘We are encouraged that there is a strong prospect that a buyer can be found for the business who can continue to operate in the area, going forward.’
Silcox operate a number of services for Pembrokeshire County Council including subsidised commercial routes and school contracts. They commented, ‘At this time, Silcox continues to operate and the Council will continue to pay the company for the work it is carrying out in accordance with our contractual obligations. We are aware of a possible restructuring of the company and we will work with all interested parties. We anticipate a clearer picture of the situation emerging next week.’
Silcox Motor Coach Company Ltd, the company’s official name since 1960, was founded in 1882 and commenced bus services around Pembrokeshire since 1932. They have a satellite office in nearby Tenby and offer private hire services and an extensive holiday programme covering the UK and parts of Europe. The Silcox family reacquired the company in March 2015.