Adam Smith takes on Black Velvet
Hampshire based Black Velvet Travel Ltd has been sold to a new owner, Adam Smith. The sale has been arranged by specialists from accountancy firm Chantrey Vellacott. According to a statement from the accountancy practice, Adam has many years of experience in the bus industry and has completed a deal to take over the company two weeks on from stepping in to run services on an interim basis after the business ceased operation after running into financial difficulty. Under the new ownership, the Black Velvet Travel name will remain in place and it will continue to operate routes A, S1, S2, B4, M and 503.
Restructuring Specialist at Chantrey Vellacott, Terry Evans, said, ‘We’re delighted a deal has been completed – safeguarding the long-term future of Velvet Buses, its bus services in the community, along with jobs. We’ve been working with Black Velvet Travel for around two months and always held out hope during this time that there was a future for the company. We appreciate the support and patience of all parties involved in this process and we are confident Black Velvet Travel is now well placed to move forward.’