East Midlands bus firm Premiere Travel needs buyer
- 24 January 2013
- From the section Nottingham
About 200 jobs will be at risk if an East Midlands bus firm cannot be sold.
Premiere Travel Ltd, based in Meadow Lane, Nottingham, has announced it will go into administration if a buyer is not found.
Accountant firm RSM Tenon has been appointed and said it was already in talks with several interested parties and the firm would continue operating during this period.
It blamed the problem on a rapid expansion and over-reaching itself.
The firm, wholly owned by founder Steve Greaves, was started in 2002 with just two buses but now employs 200 people with a £9m annual turnover.
Paul Finnity, from RSM Tenon, said: "Premiere is a company which has over-traded. It has expanded quickly and was under-capitalised. It is an excellent business but has expanded perhaps too rapidly."
The company runs services in and around Nottingham as well as into the city from Leicestershire and Derbyshire.
A notice of intention to appoint an administrator has been filed, protecting it from creditors.