RSM partners appointed as administrators to John Fishwick and Sons
Lancashire operator John Fishwick and Sons has ceased trading following a failed attempt to sell the company by administrators Lindsey Cooper and Jeremy Woodside of RSM Restructuring Advisory. The company has a history stretching back more than 100 years when it started in the haulage industry in Leyland, starting passenger services to local markets in 1910. Prior to its closure, John Fishwick operated bus services between Preston, Leyland and Chorley as well as holiday tours in the UK and Europe.
“There have been significant changes within the bus operator sector over recent years which have made it difficult for small companies to operate profitably,” says Lindsey Cooper, RSM partner and one of the administrators. “This has resulted in the company facing significant cash flow issues and has left the directors with little alternative but to appoint administrators.
“Despite significant efforts we have been unable to find a buyer for the business. It is hoped that many of the employees will find alternative employment with other bus operators in the area. Discussions have been held with the local authority to ensure that disruptions to public services are minimised.”